Source: PIC Solutions
Ithala Limited, a leading financial services company in Kwazulu-Natal, has partnered with PIC Solutions for the development of an expert application scorecard for the Ithala home loans portfolio.
Ithala provides financial services to the low to middle-income marketplace, including insurance, savings facilities and home loans. On account of recommendations made by PIC during the recent Applications Processing HealthCheck, Ithala appointed PIC Solutions to develop a new application scorecard for their home loans portfolio.
During this analytical project,, members of the PIC Solutions predictive modelling team worked closely with Ithala's risk management personnel to ensure the successful delivery of the new application scorecard. The application scorecard was designed to align their credit decision process with their changing business objectives and the legislative requirements set out by the South African National Credit Act (NCA).
Sibusiso Luthuli, Managing Director of Ithala Limited, states, "We are focused on enhancing credit risk policies and strategies throughout our organisation. PIC Solutions gained extensive insight into our business operations and decision processes during the HealthCheck assignment. Their experience combined with this knowledge will ensure that this scorecard helps the company meet our new objectives whilst complying with industry regulations."
Eva Neves, Predictive Department Head at PIC Solutions, adds, "Organisations are reassessing their credit decision processes to meet the challenges created by the NCA and this has led to a greater demand for predictive solutions that can achieve these requirements. The application scorecard is designed to enhance the quality of Ithala's credit evaluation process and will ensure that they experience significant business benefits overall."