FICO World announced that Volvo Cars has strategically leveraged FICO®? Platform to revolutionize its customer onboarding process across B2C, B2B, and fleet segments. FICO's cloud-hosted platform ensures swift real-time approvals, with credit checks completed in a matter of seconds.

Volvo has won a 2024 FICO®? Decision Award for Customer Onboarding & Management. Employing FICO decisioning capabilities on FICO Platform, Volvo has established a scalable and robust credit assessment solution that seamlessly integrates internal and external data sources.

The platform facilitates transparent and error-minimized decision flows, emphasizing automation in underwriting processes and providing a singular source for all necessary data. Reducing the Decision Time: Volvo needed to reduce the average decision time and promptly collect the required documents for risk assessment by reaching out to the customer at the earliest opportunity. This avoided repeat requests for documentation, and process delays that could lead to lost sales.

To minimize processing time, FICO®? Platform generates a list of required documents tailored to specific referral reasons when customers are checking out online. They have 24 hours to upload, which accelerates the process.

Utilizing a dynamic document upload process resulted in a 75% submission rate among customers who were presented with the document upload list. Assessments were completed in just an hour for these customers, compared to 11 hours when they did not upload or 17 hours when not requested. Inflation has the potential to change a customer?s ability to afford a car, which is particularly a problem with BTO (build to order) cars that can take up to a year to complete.

Volvo needed to ensure that customers can still afford products around the time of car delivery. In response to this challenge and to ensure the continued affordability of cars for customers upon delivery, an automated procedure was implemented to reinitiate soft credit checks on customers and reassess their creditworthiness. This occurs if it has been over 90 days since the first risk assessment.

The automated workflow for the second credit assessment has saved 971 hours in manual labour. With FICO® Platform, the Volvo Cars team can customize software solutions according to specific needs and requirements; increased authority over features, functionality, and the user interface guarantees precise alignment of the software with business processes and objectives. Thanks to FICO's assistance, the software development and maintenance have been effectively brought in-house.

This led to a 50% increase in the number of new features developed in a year.