One of South Africa`s largest retailers and private label credit card issuers, Woolworths, will soon implement decision-making technology from Fair, Isaac and Company.
Woolworths has purchased application scoring, attrition and behaviour models to help identify cross-sell opportunities and refine its offerings to customers as the retailer processes and manages applications of its private label card. Woolworths will install the models in Fair, Isaac`s TRIAD adaptive control software, a powerful, automated portfolio management system that improves customer service and customer value.
Woolworths introduced the private label card in 1993. Since its introduction, it has become one of the largest and most profitable private label portfolios in South Africa. Woolworths` card business accounts for approximately one-third of its total sales.
"We are looking for advanced behavior scoring models to refine our decision-making capabilities in a more mature private label card market," said Raoul Miller, risk manager at Woolworths. "We are looking particularly to behavior scoring to help determine customer propensity to spend, which will allow us to segment loyal and profitable customers to maximize revenue and cut attrition. Attrition models will also be used to target customers with a high likelihood of closing their accounts or going dormant so we have the option of taking preventative measures in time."
Woolworths is also implementing Fair, Isaac`s StrategyWare decision support system for account origination and FastTrack data analysis and reporting software.
Fair, Isaac (www.fairisaac.com) helps businesses worldwide maximize the value of data to make more profitable decisions about their customers, operations and portfolios.
Fair, Isaac delivers data management services, analytics, software, and consulting to the financial services, direct marketing, personal lines insurance, retail, and healthcare industries.
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