Mercedes-Benz Financial Services (Pty) Ltd, the financial services subsidiary of vehicle leader Mercedes-Benz South Africa, has partnered with TransUnion to re-develop a retail scorecard, a risk management system that streamlines the consumer finance application process.
The re-development of the retail scorecard will benefit from credit data and new methodologies to enhance the performance of the assessment process.
The solution leverages a two-pronged approach, evaluating the risk of the transaction and the risk of an individual separately. The results are then integrated and an optimal balance is achieved through the retail scorecard`s consumer risk management system. The solution has translated the application process for Mercedes-Benz Financial Services and its customers into a valuable, fast and reliable system.
"In consultation with TransUnion, we have improved on our retail scorecard application process to improve the customer application experience. The solution caters for NCA compliance and provides consistent and objective decision-making, automating our consumer application and decision-making process," said Gary Benecke, Board Member: Credit Operations of Mercedes-Benz Financial Services.
Thamir Hassan, CEO of TransUnion Analytic and Decision Services (ADS) in South Africa, added: "As part of its efforts to increase sales and minimise bad debt, Mercedes-Benz Financial Services engaged with TransUnion to re-develop their retail scorecard based on the combination of demographic and credit bureau-based application scorecards. The solution takes into account all the variables and produces a risk adverse, actionable decision for the company. It is a privilege to once again deliver a best-in-class solution in partnership with Mercedes- Benz Financial Services."
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