As Market Evolves and Pressures Mount, Many Businesses Turning to TransUnion’s Prama
Lenders gain upper hand by utilizing state of the art analytics ecosystem
Businesses today are operating in an environment of heightened data security, consumer privacy and macroeconomic concerns. Many IT and analytics resources have been redeployed, even if temporarily, to support other internal initiatives, sometimes delaying projects that are needed to drive business growth objectives.
To ease the strain caused by these competing factors, many businesses have turned to on-demand data visualization and analytic capabilities such as TransUnion’s (NYSE: TRU) PramaSM. Prama is the industry’s first seamless and secure environment that is purpose built to turn data into insights and enable real-time integrated action.
First unveiled in early 2016, Prama allows financial institutions to quickly analyze customer performance and benchmark that performance against the industry and their peers. These insights, coupled with access to raw tradeline data for additional analysis, can help identify opportunities for portfolio growth while still balancing risk.
Prama continues to expand and provide businesses with a streamlined and integrated ecosystem to connect insights, data, solution development and production deployment together to answer questions and deploy strategies in days – much faster than traditional processes. Prama is currently being utilized by many of the largest banks, regional financial institutions, credit unions, captive auto lenders and FinTechs, among others.
“Financial institutions are feeling internal and external pressures to meet, if not exceed, increasing data security standards and evolving regulations while keeping their company charging forward,” said Dane Mauldin, chief product officer at TransUnion. “Prama offers a flexible, self-service environment designed for business and analytic users to discover insights, obtain depersonalized tradeline-level data and make decisions based on peer and industry intelligence. By leveraging Prama, our clients can operationalize analytics and continue to bring new products and services to market at the speed their business demands.”
To serve its clients, TransUnion has amassed 30+ petabytes of data, comprised of 1 billion consumer files and 500 million credit histories from 90,000 data sources. As such, TransUnion is a trusted expert at handling varied data assets, vetting their value and linking them to an individual to create an unparalleled and comprehensive consumer identity. Investment in TransUnion’s next generation micro-services architecture continues to be the foundation for this highly scalable, cloud-based analytics environment.
Prama is unique to the marketplace because it is the only such environment that was built from the ground up as an integrated platform so all components work seamlessly together. “The innovative capabilities of Prama are a direct result of feedback from both large and small financial institutions – ensuring that we are meeting their respective needs,” said Steve Chaouki, executive vice president and head of TransUnion’s financial services business unit. “In addition to helping businesses, the insights derived from Prama are equally beneficial to consumers. Information for good is the cornerstone of our solutions; Prama is a great example of how our clients can identify opportunities and create strategies to offer goods and services to an expanded universe of consumers at competitive prices.”
“The auto-specific market intelligence we gain from Prama Insights has helped us identify and target market segments where we can help more consumers become vehicle owners,” said Doug Slade, EVP Pricing & Analytics, Exeter Finance, LLC. “We can test new hypotheses in minutes and easily visualize these insights. We appreciate the time TransUnion has taken to develop a solution that provides us with a truly relevant view of our performance versus our peers—helping us effectively grow and adapt to our customers’ changing needs.”
Key Prama modules within the integrated ecosystem that offer self-service access to the full file of depersonalized consumer credit data include:
Prama Market Insights
Quickly identifies fluctuations in credit behavior and allows organizations to see how existing strategies compare against the industry. It also identifies market trends by product, lender type and geography on a quarterly basis for origination volumes, risk distribution and credit performance.
Prama Vintage Analysis
Segments portfolios to assess risk and understand how vintages compare to peers and the industry. It explores key delinquency metrics to easily evaluate a portfolio and adjust risk strategies.
Helps businesses understand customer behavior and tap market intelligence on prospects served by peers. It leverages insights within relevant lender segments to uncover opportunities to expand portfolios across the auto, credit card, mortgage and personal loan industries.
Prama Data Extract
Allows financial institutions to link their input files to TransUnion credit archives, including industry-leading CreditVision scores and models, and easily query and extract this data for use in their own analytical environment, with their preferred toolkit.
For clients that use TransUnion’s self-service DecisionEdge® Business Rules Management Portal, strategy changes identified through Prama analysis can be quickly simulated and deployed to production.
“TransUnion is working closely with clients to ensure that Prama provides them with the tools they need to continue to find success in this dynamic environment,” said Mauldin. “Prama’s capabilities allow businesses to more seamlessly turn data into insights with integrated action, often resulting in a win-win for both lenders and consumers.”
To learn more about TransUnion’s Prama modules, please click here.
About TransUnion (NYSE: TRU)
Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion has a global presence in more than 30 countries and a leading presence in several international markets across North America, Africa, Latin America and Asia. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide.
We call this Information for GoodSM.