Company expands to needs of growing consumer credit market
Austin, TX, October 2, 2007 - Austin Logistics, the leading provider of event-based predictive analytic software that increases the value of each customer interaction, today announced that it has opened an office in Shanghai to better serve customers and prospects in China. Supplier of predictive analytic and decision solutions to many of the world's largest financial institutions, Austin Logistics' move into China aims at helping consumer credit lenders safely meet the demands of the country's exploding credit market.
Although China is the world's largest consumer market, the issuing of consumer credit has taken hold only recently, but with tremendous force. According to CBRC's Shanghai office, "... as of end of June 2007, a total of 1.095 million credit cards has been issued by larger banks in Shanghai, an 80.1% increase compared to beginning of the year and a 127.7% increase compared to June last year."
To meet the enormous demand, credit issuers across the lending spectrum are reacting quickly to borrowers' desire for credit. To minimize their lending risk, however, credit issuers are turning to experienced vendors both for rapid knowledge transfer around risk management best practices and best practice solutions.
"We benefited tremendously in our risk and collections management by partnering with Austin Logistics," said Michael Wei, SVP & Chief Credit & Operations Officer with China Merchants Bank Credit Card Centre. China Merchant is China's largest card issuer, with over 15 million issued cards. "Austin Logistics' open-minded risk specialists customized international best practices to work effectively in our local environment. They are devoted to details and hold us hand-in-hand throughout the process changes."
"Without the ability to quickly implement effective risk decision solutions, lenders may find themselves struggling to manage their lending risk," said Tom Miller, Austin Logistics senior vice president, Global Development. "China is a strategic geography for us. Our emphasis is on providing critical knowledge transfer support as well as the right solutions that map directly to Chinese lenders' needs. This combination will enable us to quickly capture market share."
Today's move comes on the heels of an earlier announcement that First Data International, a global leader in electronic commerce and payment services, has integrated Austin Logistics' new predictive analytic EarlyDetection System™ into First Data International's VisionPLUS® card processing system in China. See http://www.austinlogistics.com/news/press/2007-0910.php for more information.
About Austin Logistics
Austin Logistics is a leading provider of event based analytic solutions that help customers capture more value from each customer interaction. Providing predictive analytic solutions and decision management tools that leverage the widest range of existing data streams, the company helps the world's largest financial services, telecommunication, and retail companies to make proactive, profit-focused decisions that optimize actions in collections, risk and fraud, marketing and customer service. The company's ActionSelect solution was selected as one of the Top 100 Collection Technology Products for 2006 by Collection Advisor magazine. For more information, www.austinlogistics.com.
