Edcon, Africa's largest fashion retail group, has selected PIC Solutions to re-develop the applications scorecards for its Department Stores and Discount Division portfolios.
Edcon has 10 retail brands trading in 946 stores in South Africa, Botswana, Namibia, Swaziland and Lesotho. With its retail business rapidly expanding and the requirements of the National Credit Act impacting its credit decisioning process, Edcon contracted PIC Solutions to implement a scoring solution to optimise its credit environment.
The new application scorecards are designed to enhance Edcon's application processes. In addition, Edcon can effectively make use of the scorecards to assist them with the implementation of new policies and procedures to meet the requirements set out by the Act.
During this turnkey analytical project, PIC Solutions' predictive modelling team will work closely with Edcon's risk management personnel to ensure the successful implementation of the new application scorecards.
Ian Wood, Group Financial Services Executive at Edcon, states: "We are committed to improving our risk management policies and ensuring we effectively meet the requirements of the Act. PIC Solutions understands our business and how the Act will impact our current policies and procedures. The scorecards will not only ensure we comply with new regulations, but that our business benefits from opportunities created by the changes in the credit industry."
Eva Neves, Department Head of Modelling at PIC Solutions, comments: "PIC Solutions understands the challenges facing the credit industry, and this scoring assignment aims to implement application scorecards that are compliant with the National Credit Act. We developed scorecards for Edcon a number of years ago and it was time to re-evaluate the prediction of these scorecards. Using more recent data, our experienced analytical team will re-design the scorecards to effectively manage Edcon's business risk."
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