TransUnion CIBIL launched CreditVision to expand the eligible consumer base and drive access to finance for many more deserving consumers.
CreditVision is a transformational way of looking at the past credit behavior of a consumer. CreditVision algorithms predict risk and expand credit opportunities by intensively studying the trended data that unlocks the patterns in payment, exposure and spend behavior.
TransUnion CIBIL’s analysis of consumer credit demand and behavior using CreditVision, shows that it could enable credit access to an incremental 15 lakh borrowers every year without compromising on risk. In addition, the algorithms have identified another 20 lakh borrowers who currently have access to banking credit, but would be eligible for higher lines of credit or higher loan-to-value.
Speaking at the CreditVision launch, Managing Director and CEO of TransUnion CIBIL- Satish Pillai said, “Financial inclusion and credit penetration are the keystones of propelling India on a sustainable high growth trajectory. With the launch of CreditVision® in India, we reinstate our commitment in supporting our member institutions on driving profitable business growth and credit penetration by providing credit access to many more deserving consumers. These new age CreditVision algorithms are a definite game changer for the credit industry which will enable phenomenal market expansion while helping define lending strategy for a growing nation on a digital path like ours.”
Source: Indiablooms.com
