Woolworths Financial Services selects PIC Solutions for scoring solutions

PIC Solutions has been selected by Woolworths Financial Services to re-develop the current application scorecard models for the retail card portfolio.

Woolworths Financial Services is the financial services division of Woolworths, a major South African food, clothing and homeware retailer, with more than 200 stores countrywide.

Since 1993, Woolworths Financial Services has been providing credit through its flagship private label in-store Woolworths card that allows consumers to purchase Woolworths goods and services on credit. Today, Woolworths Financial Services provide credit to over 1 million consumers through financial services products covering personal loans, Visa credit cards and in-store cards.

As part of its ongoing commitment to improving the profitability of the organisation through effective risk management policies, Woolworths Financial Services has contracted PIC Solutions for its scoring expertise. In this analytical project, members of the PIC Solutions predictive modelling team will work closely with Woolworths Financial Services risk management personnel to develop the custom application scorecards.

Sivi Pillay, Head of Customer Risk and Compliance at Woolworths Financial Services, states: "We chose to work with PIC Solutions as they offer unique credit scoring solutions that suit our changing needs. These new scorecards will ensure we continue to grow our retail card portfolio and we are pleased to include PIC as our partner in this redevelopment project."

Eva Neves, Senior Consultant at PIC Solutions, adds: "PIC Solutions is committed to providing credit risk solutions to organisations from the credit industry. We are delighted that Woolworths Financial Services has selected us to re-develop their custom application scorecards and we look forward to working with them to ensure these scorecards provide significant business benefits."