Standard Bank of South Africa has announced that it is to implement Strategy Management Generation 3 from Experian-Scorex, the decision solutions business of global information solutions company Experian, within its new, bank-wide enterprise decision management environment. The strategy management solutions will enable the bank to make sophisticated customer-level decisions at every point of the customer relationship.
Standard Bank, one of the largest banks in SA, was established in 1862 and has a long and distinguished history. Within Africa, the group has operations in 17 countries, with a broader international network of 21 countries. It was one of the first users of Experian`s credit bureau in South Africa and an early adopter of credit scoring and customer-level decision making.
Standard Bank has been working in partnership with Experian-Scorex for over 10 years and has been at the forefront of customer level decision making across its retail banking operation. To ensure that it delivers consistency and satisfaction to customers, it has created an integrated, customer level systems architecture that allows the creation of intelligence from the data warehouses to drive acquisition and event driven behavioural decisioning and Basel II compliance. Strategy Management Generation 3 will allow the bank to maximise the power of this data and further enhance decisioning for its customer base, enabling both reactive and proactive customer management.
Paul Middleton, Director, Decision Support and Scoring, Standard Bank, commented: "Our enterprise decision management solution is a major strategic project for the bank to further enhance and align our business decisions. Strategy Management is a key enabler in this solution, with the platform independent decision engine giving us the flexibility to deploy sophisticated decisioning in any part of our organisation; we are currently using it in ten different business areas and across all our portfolios. The agility and flexibility this provides, coupled with the advanced simulation and experimentation capabilities within the desktop tool, allow us to continually improve our business model."
Mike Reilly, Country Manager for Experian-Scorex in South Africa, added: "Our partnership with Standard Bank goes back many years and we support them across their business, with data, analytics, reporting and decision support solutions. Standard Bank has always been innovative, as illustrated in its rapid adoption of this latest decision support technology . The implementation of this enterprise-wide decisioning solution has been a large project for the organisation and we are pleased to provide a key element of this new solution that will bring significant benefits to the business."
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Standard Bank Group is the largest South African Bank by assets and earnings, with more than 1000 points of representation in the country and one of the biggest banking networks on the African continent.
Formed in South Africa in 1862, it is now represented in 17 other African countries and a further 21 countries outside Africa, including the major financial centres around the globe and many emerging markets. Despite continued international expansion, Standard Bank Group remains firmly rooted in Africa.
The group comprises holding company Standard Bank Group Limited and The Standard Bank of South Africa Limited, Stanbic, International Operations and an effective 30% investment in Liberty Group, one of Africa`s leading life offices and financial services groups.
The group offers the full range of banking, investment and lending products and services to its wholesale and retail clients through its various divisions and associated companies.
Clients range from the biggest multinationals to mass market wage-earners and their families, many of whom have until recently been "unbanked". The mass market`s banking needs figure prominently in the bank`s planning and are being met by low-cost products pioneered by, and unique to, Standard Bank.
At the other end of the scale, Standard Bank`s Corporate and Investment Banking Division, a recognised leader in financial product development, meets the needs of multinationals and other corporate entities.
Experian-Scorex
Experian-Scorex is a global leader in the supply of decision support solutions. Its solutions support billions of customer decisions annually for clients in more than 60 countries. Experian-Scorex solutions bring together predictive analytics, decision support technologies and strategy optimisation to enrich customer data and allow organisations to proactively manage their relationships with their customers.
Used across the full customer life cycle, enterprise-wide decision support solutions enable organisations to increase income, manage and control credit risk and fraud, reduce operational costs and so increase overall profitability. Experian-Scorex works closely with clients across diverse industries, including financial services, telecommunications, retail, leasing, automotive, insurance and utilities. Experian-Scorex solutions and services focus on extracting intelligence from all customer data sources in order to build a comprehensive picture of customer needs and financial stability. This customer level view and the ability to deliver customer level decisioning has proved to be particularly important in retail banking, where a customer may hold multiple products. For over 20 years, Experian-Scorex has provided these solutions to the majority of the world`s largest retail banks to help them manage these complex relationships.
As part of the global Experian organisation, Experian-Scorex has more than 30 years experience of managing bureau data, adding intelligence to that data and delivering scoring solutions. Experian-Scorex maintains connectivity with over 70 credit bureaux worldwide and, with 30 offices around the world, it is uniquely qualified to support local, national, regional and global businesses.
Its global headquarters are in Nottingham, UK, Monaco, and Costa Mesa, CA, USA
For more information, visit the company`s website on www.experian-scorex.com
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