Brunei-based auto finance company uses FICO Blaze Advisor and iPad tablets to enable car dealers to approve loans on the spot
SINGAPORE —April 29, 2014 — FICO (NYSE:FICO), a leading predictive analytics and decision management software company, today announced that BIBD At-Tamwil Berhad, a subsidiary of Bank Islam Brunei Darussalam (BIBD), has seen an increase of 20 percent or more in auto loan bookings since it implemented a mobile decision management application developed using FICO technology.
The company’s ability to provide on-the-spot decisions for loans has been the driving factor in boosting business. Its marketing agents at car dealers now use iPads to process credit applications at the car lot, entering the customer’s financial information into the mobile app, along with photographs of important documents such as identity cards and payslips. This information, along with credit bureau data, is then analyzed using predictive analytics and business rules within FICO® Blaze Advisor® decision rules system to provide a loan approval decision. This customer-centric approach has streamlined the experience, increasing buyer satisfaction and therefore sales.
“We felt customers were waiting too long for loan approvals using our old system,” said Irwan Lamit, managing director of BIBD At-Tamwil Berhad, which helps more than 14,000 Brunei consumers every year to finance new and used cars or motorbikes. “With this new approach, we’ve cut the process from a potential 24 hours down to mere minutes while still effectively managing risks. This is a win-win solution that has grown our client base and sales.”
BIBD At-Tamwil Berhad, a subsidiary of the largest Islamic Bank in Brunei, made this technology investment as part of its strategy to double its revenue every five years in a highly competitive and saturated marketplace.
“Finding growth meant targeting new customers while managing our risk,” said Irwan. “We decided to include non-salary assigned customers, people whose principal bank account is not with our parent bank. To do this, while increasing loan turnaround time, meant quality risk management was an essential ingredient to the solution.”
FICO predictive analytics and FICO Blaze Advisor enabled BIBD At-Tamwil Berhad to manage its loan portfolio risk, satisfy regulatory requirements and take full advantage of information from the newly formed credit bureau, which became available in late 2012.
“The system delivered other positives too,” added Irwan. “The technology is so intuitive, staff are up and running in minutes, and are guided to capture all information needed for regulatory requirements.”
Dinesh Pereira, who manages FICO’s business in Brunei, added that the innovative solution developed for BIBD At-Tamwil Berhad is a great example of the use of customer-focused technology in the financial services industry to drive profits.
“The automation of decision processes minimizes the need for manual reviews, while ensuring consistency,” said Pereira. “Packaging this for delivery on an iPad using the Blaze Advisor system delivers a unique combination of convenience and the industry’s highest decision processing speeds, for any number of rules at any level of complexity.
“BIBD At-Tamwil Berhad is using technology to make life easier for clients looking to buy automobiles. Their work demonstrates what is possible when the power of analytics and mobile are brought together to improve the customer experience.”
FICO (NYSE: FICO), formerly known as Fair Isaac, is a leading analytics software company, helping businesses in 90+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company’s groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries. FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations. Many of our products reach industry-wide adoption. These include the FICO® Score, the standard measure of consumer credit risk in the United States. FICO solutions leverage open-source standards and cloud computing to maximize flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health.
FICO, Blaze Advisor and “Make every decision count” are trademarks or registered trademarks of Fair Isaac Corporation in the United States and in other countries.
About BIBD and BIBD At-Tamwil Berhad
Bank Islam Brunei Darussalam (BIBD) is the largest Bank and the sole Islamic Bank in Brunei Darussalam. It caters to the Brunei population in providing Shariah compliant financial services to its customers. The bank is committed in achieving both its corporate vision of “Enhancing quality of life through Financial Solutions” and Brunei Darussalam’s National Vision 2035 in attaining developed nation status.
The 14 BIBD branches are at strategic locations in all the four districts; 11 branches located in the Brunei Muara District, one in the Tutong District, two in the Kuala Belait District and one in the Temburong District. To provide the best services and facilities to its customers, BIBD also has the single largest distribution of ATM networks in the country, with 47 locations throughout the country.
BIBD At-Tamwil Berhad (wholly-owned subsidiary), which provides fixed deposits, vehicle hire purchase and consumer product financing.
Learn more at www.bibdat-tamwil.com
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