An exchange, a process by which an individual or organization meets a need by offering something in return, has been a fundamental driver of economies throughout human history. Take for example, the concept of a stock exchange. Buyers who wish to purchase shares in a company negotiate prices with sellers looking to unload them, in exchange for money. The transaction meets both parties’ needs.
A more recent example of the exchange concept can be found in the early 21st Century rise of hotel and travel websites. Historically, consumers bought travel packages through brick and mortar agencies, which limited buyer insight and opportunity. But the real-time information aggregating capabilities of sites like Priceline and Expedia allowed airlines and hotel chains to gain direct access to the consumer market, expanding the customer base while offering a broader range of travel choices at lower prices.
Exchanges are woven into the fabric of the global economy. While technology has evolved, the idea remains the same. For 50 years, TransUnion has embraced the exchange concept through the stewardship of our core credit data. We help businesses and consumers make smarter decisions through collaborative solutions that ensure the sharing of holistic, trusted, relevant information.
In a constantly evolving and connected universe, we believe that information silos limit opportunities. Taking advantage of everything the world has to offer requires businesses and consumers to work together. Exchanges allow multiple parties to contribute to, and access, real-time insights in order to make smarter decisions.
TransUnion’s Fraud Prevention Exchange is a good example of this belief in action. Through the platform, lenders join forces to identify potentially fraudulent loan activity associated with consumer identity elements - before margins are impacted. In turn, consumers enjoy reduced application friction, and access to funds when they need them. The ability to quickly match good consumers with attractive offers can be a loyalty game changer. Consider that 39% of consumers who experience frustrating underwriting and onboarding processes will avoid a business for two years or longer.
Given the complexity of today’s world, it’s impossible for businesses and consumers to have a complete picture of markets, opportunity and risk through a singular set of data. Exchanges are both the present and the future – collaborating to view the economic landscape in 360®.
For nearly a half-century, TransUnion has embraced the information exchange concept through the actionable insights offered by our solutions. We are uniquely positioned to lead business customers and consumers through new collaborations that offer security, privacy and expanded consumer options.
Exchanges level the playing field, providing visibility and creating universal opportunity. That’s using Information for Good.