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Toyota Financial Services wins award for debt management PDF Print E-mail
Wednesday, 18 November 2015

Analytics software firm FICO (NYSE:FICO) today announced that Toyota Financial Services has been awarded the 2015 FICO Decision Management Award for Debt Management for its Collections Treatment Optimisation (CTO) program. The Toyota CTO program integrates decision management, reporting and advanced analytics to provide a data-driven, scientific and customer-centric approach to collections. During its first year, the CTO program helped more than 6,000 customers avoid repossession and stay in their cars, and prevented 50,000 customers from reaching a stage of delinquency that would affect their credit.


“Working with delinquent customers to keep them in their cars while working out payment options has helped Toyota avoid millions of dollars in losses,” said Jim Bander, national manager for decision science at Toyota Financial Services. “It’s a win for our customers, and a win for Toyota. Furthermore, it reduced our operating expense ratio by allowing Toyota to grow our portfolio by roughly nine percent, without adding collections headcount. This has also enabled us to tie future lending decisions to our collections abilities – putting more customers behind the wheel of a Toyota.”

Using FICO® Xpress Optimization Suite and FICO® Model Builder , Toyota Financial Services was able to bring statistical modelling, forecasting, predictive modelling and optimisation into a single framework that allows the rapid simulation of multiple scenarios and then the deployment of an optimal strategy into production. The implementation divides customers into micro-segments based on risk, ensuring that the collection treatments are delivered individually, one customer at a time.

“The panel of judges was impressed by how Toyota Financial Services aligned its collections program with its corporate customer service philosophy,” said Philip Alexander, editor, Global Risk Regulator, one of the judges for the FICO Decision Management Awards. “Rather than a tactical approach to collections, they are pursuing a long-term vision: to keep their customers in their cars.”

About the Decision Management Awards
The 2015 Decision Management Awards are presented in six categories, reflecting the breadth of ways that businesses deploy decision management solutions: Analytic Excellence, Customer Onboarding and Management, Debt Management, Decision Management Innovation, Fraud Control and Regulatory Compliance.

A panel of independent judges evaluated nominations based upon measurable improvement in key metrics; demonstrated use of best practices; project scale, depth and breadth; and innovative uses of technology. This year's judges included:

· Philip Alexander, Editor, Global Risk Regulator Magazine
· Michael Versace, Global Research Director, IDC
· Joel Wells, Director Application Development, Discover Financial Services
· Michael Wu, Chief Scientist, Lithium Technologies

Winners will also receive recognition at FICO® World, which will be held in Washington, D.C., from April 26-29, 2016. Winning implementations will be featured in conference activities.
 
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