Raiffeisen Chooses FICO Cloud to Reduce Collections Costs

To reduce the costs of collections, Raiffeisen Bank International, a leading European retail and commercial bank, will use the cloud edition of FICO® Debt Manager™ solution, a platform for collections and recoveries used by lenders and third-party agencies. The cloud edition is expected to make future upgrades faster and less dependent on IT resources at the bank.

“In an era of digital competition and disruption, we were looking to accelerate the evolution of our collection system while optimising the costs,” said Peter Jacenko, managing director and global head of International Retail Risk Management at Raiffeisen Bank International. “With FICO providing Debt Manager software as a service, we optimise our costs and free up time for our business and IT teams. FICO’s cloud solution is of the highest quality and considers the necessary security standards.”

“Collections is moving to the cloud, along with many other core functions in retail banking,” said Steve Hadaway, FICO general manager for Europe, the Middle East and Africa. “Raiffeisen Bank International is a market leader and is showing the way of the future for advanced collections and customer management.”

Raiffeisen Bank International considers Austria and Central and Eastern Europe its home market. In Austria, it is a leading commercial and investment bank for the country’s top 1,000 commercial customers. In CEE, its subsidiaries cover the entire region. The bank serves 16 million customers through 2,200 business outlets in the corporate and private customer segments, as well as in investment banking.

FICO® Debt Manager™ solution is a highly automated accounts receivable management system which helps organisations control costs, boost revenue and stay compliant while collecting and recovering debt. Used by banks, telecoms, governments, collection agencies, health care providers and more, Debt Manager is readily configurable for collections, recovery, debt sale, vendor management, bankruptcy, repossession and asset remarketing. It is available on-premises or in the cloud.