Entering its third year, TransUnion’s innovation lab is set to expand. The credit bureau said this week its lab will set up shop in Canada and India later this year.
Many Canadian financial institutions have sophisticated risk management and analytic capabilities, the company said. TransUnion describes India as a data-rich, data-hungry and analytics-focused market that has a booming fintech sector.
The lab offers participating financial institutions access to data and TransUnion’s analytics team, which is made up of more than 200 data scientists worldwide. TransUnion, based in Chicago, has a presence in more than 30 countries.
Part of the lab’s goal is to create access to affordable credit for consumers and help financial services companies match products to potential customers.
“We created the innovation lab to fulfill our customers’ desire to execute their analytics and modeling projects much faster, while taking advantage of the full capabilities of trended and alternative credit data available only through TransUnion,” Steve Chaouki, executive vice president and head of TransUnion’s financial services business unit, said in a press release.
The credit bureau claims that with a machine-learning platform, participants in the lab have developed production-ready risk management or marketing models in as few as three days. One estimates the odds of consumer responses to a credit solicitation; the model can help banks more precisely set budgets for marketing campaigns.
“During a multiday session, we worked closely with TransUnion's analytics experts to dig into the data and build and iterate models that answered questions about market sizing, pricing and segmentation for a potential new product concept,” Warren Wilcox, chief marketing executive of the online consumer lender CreditShop, said in the release.
