Piotr Nowak, country risk manager at Raiffeisen Bank International AG, spoke with us recently about how the company uses FICO origination solutions to improve its business processes and deliver better results for customers. Central to this success is its ability to adjust to market conditions promptly. The bank can deploy the right solutions for each of its multiple markets, enabling it to improve speed-to-market, reduce application processing times and manage risk more effectively.
Q: Raiffeisen Bank has quite a broad reach—is that correct?
That’s right. In our retail banking division, we serve about 15 million customers in 15 countries. We offer a complete range of products, including secured and unsecured loans as well as savings and investment solutions. These countries have varied levels of development, different standards as to what customer information is available for underwriting, and different regulations, so it is quite challenging to implement a single solution across all of them.
Q: How do you manage complex origination and decisioning processes across so many different countries?
It’s not possible to use the same solution across every country. Depending on the market, we use various aspects of FICO solutions and solutions from other vendors. We find that FICO decision technology cooperates well with third-party solutions to help us make smarter decisions, improve flexibility and put power in the hands of the business user.
Q: Why did you decide to use FICO® Origination Manager?
We have been working with FICO since 2007, starting with consulting and then moving into using FICO software solutions. FICO Origination Manager helps us improve our underwriting and manage risk more effectively, while automating many manual processes to improve efficiency. And because FICO’s origination solutions are component-based, we can choose to deploy just the workflow, the decision engine or both together, depending on the needs of the specific market.
Q: What kinds of results have you seen?
It’s different in every country. In one country, we were able to increase application volume by double digits in a relatively short amount of time by using automation. In another country, we significantly improved underwriting for unsecured products. In some cases, we have saved significant time through automation.
Q: How do FICO solutions help your analysts and other workers do their jobs better?
We can empower non-technical personnel to plan, test and execute strategy changes to respond to market dynamics and shifts in our portfolio. This makes us more agile and responsive so we can take advantage of opportunities as they arise.
Q: How are you better able to use data to improve your business results?
The data available varies a lot by country. The decision engine helps us analyze it to get the most insight without having to use formal inquiries such as employer statements or personal identification information. This helps us find profitable segments with less difficulty and complexity.
We’d like to thank Piotr for taking the time to speak with us. If you’d like to learn more about how Raiffeisen Bank is using FICO origination solutions to manage risk in multiple, complex markets simultaneously, read the case study.