JOHANNESBURG – 04 March 2021 Absa Bank, one of Africa’s largest financial groups, has transformed its collections operations working with global analytics software firm FICO.
After three months of deploying FICO® Customer Communication Services (CCS) and making process changes, self-paying customers nearly doubled, from 23 percent to 43 percent, and immediately reduced impairment charges, resulting in a three-month ROI of 29:1. As COVID-19 hit Africa, the FICO solution enabled Absa to roll out payment relief initiatives and communicate with distressed customers, meeting its vision of ‘Housing the Nation’. For its achievements, Absa Bank has won the 2021 FICO® Decisions Award for Debt Collection.
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Sibulelo Ncamani, a change lead in the Collections Transformation Programme at Absa. “We selected FICO as our strategic partner for this journey, focusing mainly on analytics, operations and technology.