TransUnion Strengthens Its Data-Driven Solutions to Support the Growth of Hong Kong’s Financial Sector
TransUnion is consolidating its data analytics and digital onboarding solution to help Hong Kong’s banks and money lenders grow their businesses by making better, more informed decisions faster. TransUnion’s latest ‘House of Analytics’ solutions suite combines data science and business consulting services to help accelerate decision making on financial products such as loans and mortgages. In addition, to help lenders capitalise on Hong Kong’s recently announced Wealth Management Connect initiative, TransUnion announced a Cross-Border eKYC (electronic know your customer) upgrade to its TruValidate Digital Onboarding solution.
“Having served Hong Kong businesses and consumers for more than 40 years, TransUnion is committed to transforming our solutions to meet the evolving needs of the market,” said Marie Claire Lim Moore, CEO of TransUnion Hong Kong. “As we look to the future of finance, TransUnion is advancing its capabilities to provide new solutions, models and insights to support the thriving FinTech ecosystem in Hong Kong.”
Introducing the ‘House of Analytics’ portfolio
The House of Analytics is a suite of solutions that uses machine learning and predictive modelling to help businesses make better use of their data to solve business challenges.
House of Analytics customers have the opportunity to enrich their data with TransUnion’s credit bureau which holds millions of individual credit records and currently over 1,000 CreditVision behaviour algorithms to improve their modelling and help meet their business goals. These information and insights have already helped TransUnion’s bank and money lender customers to achieve 10-30% improvement from their pre-TransUnion-solution benchmark.
TransUnion is also increasing the range of behaviour algorithms in its CreditVision solution by 30% to over 1,300 in 2022 to provide additional dimensions of consumer behaviour and more use cases. These will further strengthen the capability of the House of Analytics to help solve customers’ needs.
This enhanced analytics enablement suite of solutions combines data science technologies with consulting services to run analyses on how rich data can be used to identify and overcome business problems. TransUnion’s panel of experts review all relevant data to develop insights and models that address use-case-specific needs for products such as personal loans, auto loans, credit card applications and mortgages.
Source: TransUnion HK news