Revolutionizing Auto Finance: AU Small Finance Bank's Success Story with FICO Platform

Welcome to our latest video where we delve into the transformative journey of AU Small Finance Bank, a dynamic financial institution headquartered in Jaipur, Rajasthan, India. Established in 1996 as Au Financiers, the bank has evolved into a Fortune India 500 Company, with a mission to bridge the financial gap for the underserved and improve financial inclusion. In this video, we explore how AU Small Finance Bank revolutionized its vehicle lending operations by partnering with FICO. The bank's visionary approach led to the implementation of FICO® Platform’s cutting-edge decisioning solution, transforming the underwriting and pricing processes.

Boosting STP Rates: FICO Platform helped increase straight-through processing (STP) rates from a mere 2% to an impressive 27%, reshaping the landscape of the bank's vehicle lending. 

Streamlining Approvals: FICO Platform significantly reduced manual intervention, expediting real-time loan approvals and elevating the overall customer service experience. The bank's near-term goal? To automate over half of all loans!

Improving Turnaround Time: FICO Platform helped transform processing speed from an end-to-end duration of three to six hours to a remarkable less-than-10-minute turnaround time. Enhanced productivity ensures a seamless customer experience, even on non-working days.

Increasing Loan Volumes: In the last two months alone, AU Small Finance Bank disbursed around 20,000 motorbikes and cars, valued at USD $50 million (Rs 400 Crores), using FICO Platform’s Web Origination and Acquisition (WOA). And the momentum continues as the bank expands FICO Platform to handle more diverse lines of business. Like, share, and subscribe for more insights into the future of digital transformation in financial services. #AUSmallFinanceBank #FICOInnovation #DigitalTransformation"