Plenty has been written about how advanced analytics can help businesses solve some of their greatest challenges. Bridging the gap between data and insights, advanced analytics can enable faster decision-making so businesses can get to market more quickly. In financial services, this is typically viewed through the lens of underwriting and finance. What’s sometimes lost in translation is how data and analytics (D&A) can be used across multiple functional areas to improve decision-making of all kinds: macro, micro, real-time, cyclical, strategic, tactical and operational.1 D&A can also expose new issues and opportunities that are not yet identified.
These collective, data-driven, insight-informed decisions can have a significant impact on institutional performance.
For starters, leveraging market, company and third-party data to identify viable development opportunities and effective strategies — including creating more engaging digital experiences — can accelerate growth.
Applying enriched insights on customer preferences, financial activities and credit behaviors can help enhance productivity and profitability.
Using AI to develop sophisticated fraud models or applying predictive and prescriptive analytics to portfolio activity can lead to more proactive approaches to risk management and regulatory compliance.
The list goes on, however, not all financial institutions (FIs) have the in-house resources — personnel, technology, etc. — or sufficient access to their data to integrate advanced analytics effectively and reliably. Solution providers offer a range of options, and it’s important to understand what’s out there. When it comes to selection, FIs should consider providers that understand their businesses and can scale to meet their short- and long-term needs.
TransUnion’s advanced analytics solution TruIQTM offers predictive models and insights, intelligence tools and customized consulting services to help you address complex challenges and stay ahead of the competition while maintaining regulatory compliance. Featuring data openness and deployment flexibility, TruIQ helps accelerate the analytical lifecycle from data access to actionable insight. For example:
To increase confidence in decision-making and improve business performance across the customer lifecycle, consider integrating advanced analytics throughout your organization. The right provider can help you develop your roadmap — to take you from where you are right now to where you want to be.
Contact your TransUnion rep to learn more about how TruIQ can help optimize your business.