- April 07, 2020
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FE Credit and partner McKinsey & Company were awarded Best Analytics Implementation at The Asian Banker Vietnam Awards 2020
- FE Credit set up a cloud-based infrastructure to scale up its data process capability to over 5 billion rows monthly
- The move improved the bank’s operating efficiency as well as customer experience
- With its advanced analytics transformation program, the bank generates 50% more loan volumes for customers with same risk
Hanoi, 9 April 2020 – FE Credit and partner McKinsey & Company were awarded Best Analytics Implementation at The Asian Banker Vietnam Awards 2020. The awards ceremony was held in conjunction with The Asian Banker Finance Vietnam 2020, the foremost annual meeting for decision makers in the financial services industry in Vietnam, held on 9 April at Meliá Hanoi, Vietnam.
FE Credit set up a cloud-based infrastructure to scale up its data process capability to over 5 billion rows monthly
FE Credit implemented a cloud-based advanced analytics platform to scale up its process and storage capacity on an as-needed basis. The bank is currently processing over 5 billion rows of data monthly, scaling the capacity up or down depending on the requirements. It is also working on a scaling plan to increase its platform capacity over the next few years to incorporate increase in data volume and users proactively.
The move improved the bank’s operating efficiency as well as customer experience
With the use of several innovative features, the bank acquired more customers and retained its existing clients. This also improved the portfolio profile and increased the operating efficiency. The program was built based on early data and business diagnostic to identify and determine the size of the value at stake implementing advanced analytics use cases across business units. The improvements supported FE Credit across several dimensions and helped maintain its growth and market leadership.
With its advanced analytics transformation program, the bank generates 50% more loan volumes for customers with same risk
After the launch of its advanced analytics transformation program — covering all analytics use cases incorporating machine learning algorithms including features across customer demographics, products, payments, campaign and external data — the bank has been able to generate value over 10 times of its investments and is expected to sustain this value creation in the future. It also generated 50% more loan volumes for customers with the same risk and made more than 40% contribution to cross-sell volumes ever since the program was conceptualised.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. Its business revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com
Visit The Asian Banker Vietnam Awards 2020 official page at Finnace Vietnam 2020
For further information, you may get in touch with:
Mr. Mobasher Zein Kazmi
Head of Research