Volvo Cars has improved its customer onboarding process across diverse segments following its collaboration with global analytics software provider FICO, a recent press release revealed.
The FICO Platform, operating on the cloud, expedites real-time approvals and provides credit checks in seconds.
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Sujitha Davidson, Product Manager at Volvo Cars, the FICO partnership was originally launched to service subscriptions, but the FICO Platform’s performance prompted its integration as the core system for all online orders, thereby streamlining leasing and purchasing procedures.
By integrating FICO decisioning capabilities into the platform, Volvo has developed a credit assessment process that amalgamates internal and external data sources. This integration ensures transparent decision flows, reduces errors, and underscores the automation of underwriting processes, thereby furnishing a consolidated data repository.
A primary objective for Volvo was to curtail decision-making time and swiftly gather requisite documents for risk assessment to avert process bottlenecks and potential revenue losses. The FICO Platform customises lists of mandatory documents during online checkouts, granting customers a 24-hour window for submission, resulting in a noteworthy 75% submission rate and expedited assessment times.
In addressing affordability concerns, especially with build-to-order (BTO) cars, Volvo implemented automated procedures to reassess customers’ creditworthiness pre-delivery. This soft credit check, conducted 90 days post-initial assessment, ensures sustained affordability without impacting the customer’s credit score.
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By GlobalDataDavidson underscored the merits of in-house software development for agility and cost-effectiveness. With the FICO Platform, Volvo Cars can tailor solutions to meet specific needs, culminating in a 50% surge in new feature development.
