ALPHABET celebrates its first success in the Credit Excellence Awards – winning the category of Risk, Data and Fraud Prevention in the 2017 awards for its innovative approach to Commercial and Consumer (Co-Co) credit.
The award specifically recognises Alphabet’s in-house development of a bespoke Co-Co Scorecard which has been instrumental in the business’ success over the past 18 months in the vehicle leasing and business mobility arena.
The new Co-Co Scorecard provides the company with unparalleled levels of credit insight and control which has been specifically developed for the precise needs of Alphabet’s UK operation, its broad range of products and services and diverse corporate, SME and public sector customer base.
The Credit Excellence Awards are an established hallmark of excellence in the credit industry and each award category is judged rigorously by an independent and distinguished panel of experts in that particular field.
John Chuhan, Alphabet’s chief risk officer, commented: “This award is a fantastic achievement, it’s a first for Alphabet and is external recognition of the journey we’ve been on since 2015.
“We’ve been quietly transforming our approach to understanding and managing commercial and consumer credit through real innovation and insight. We believe that our approach is truly industry-leading for our sector.
“It would have been a far easier for us to have selected an off-the-shelf solution but this wouldn’t have given us the flexibility and control we need, nor would it deliver our particular fraud and data reporting enhancements.
“We chose to go down a route where we created a solution that is truly bespoke to Alphabet in the UK and which we believe has placed us ahead of our competitors.
“What’s more we took the decision to lead the way by investing in and delivering a full affordability solution which we believe satisfies current and future FCA requirements. I’m proud that we have created something which also squarely delivers on our commitment to social responsibility and responsible lending.
“To get here has involved a huge amount of input and effort from people across the Alphabet business – which is why we’re pleased to be able to share this evening’s celebration with the wider team.
“The project required significant levels of technical expertise, specialist analysis and scorecard architecture so special recognition should also go to our Scorecard Analyst, Viv D’Souza. In addition our head of asset risk Neal Coleman and our head of credit risk Matthew Li really drove this superb piece of work.
“We believe that the developments we have made give us the ability to be able to make rapid changes to our risk appetite in response to any current and future market forces.”
Stephen Kiely, editor of CCR Magazine, said: “The winning entry was professional, structured and detailed the challenges, outputs, benefits and learnings. The judges particularly liked the emphasis on innovative solutions and affordable lending within the balanced scorecard with clear tangible benefits identified post implementation.”
