Today, TransUnion announced the launch of Prama, a transformational analytics environment
Prama gives our customers the ability to explore and act on insights through advanced analytical technologies that harness massive underlying data assets. This new capability enables customers to make better decisions and operationalize those decisions more effectively.
We’re seeing high volumes of data being created at an unprecedented pace, but the challenge for many companies is gathering and manipulating that data into a usable format. And once this historically time-consuming process is accomplished, users still have to analyze, connect and operationalize the information to manage their businesses more effectively.
The Prama suite of solutions delivers real-time, interactive data assets to lenders who are looking to leverage market insights seamlessly and with as little manual effort as possible. But Prama also goes well beyond analytics to enable customers to deploy their insights through automated, highly efficient interfaces. TransUnion customers will now have the ability to see for themselves how their decisions compare to the marketplace, and how changes to strategy might ultimately impact revenue.
The Prama portfolio will start with two flagship solutions in 2016—Prama Insights and Prama Studio.
Prama Insights allows lenders to gain real and timely market intelligence that can be used for a wide variety of purposes, such as adapting risk and product strategies. This solution includes anonymized information on virtually every credit active consumer in the U.S. The data set leverages the power of CreditVision® and a seven-year historical view of data, providing lenders dynamic insights that can translate into clear consumer benefits at every touch point.
The first two modules of Prama Insights are Vintage Analysis and Market Insights.
The Vintage Analysis module leverages TransUnion’s detailed anonymized tradeline history of more than 200 million consumers, allowing users to view seven years of performance data on a cohort basis, so they can monitor underwriting policy, forecast losses, calculate loan profitability and define marketing strategy. The Market Insights module provides quarterly views of key lending metrics at a state, regional and national level—enabling customers to access relevant benchmark trends in seconds. Market Insights includes nine quarters of anonymized data and a more granular understanding of delinquency rate changes by credit tier, geography, line of business and product. Customers using this information can better measure their own performance against their competition in the industry.
The first Prama Studio modules will be offered to TransUnion customers in mid-2016. Studio is the second phase of Prama which will allow users to upload their own data, conduct detailed analyses and test strategy changes across a number of dimensions. The next phases of Prama will actually allow customers to seamlessly execute new strategies, or changes to existing strategies, in an automated manner that minimizes manual intervention. In short, Prama will fundamentally change the way lenders develop and deploy their strategies, with enormous benefits for them and their customers alike.
To see what Prama can do for you, visit: transunion.com/prama.
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