TransUnion Marks Five-Year Anniversary of its Innovation Lab as More Financial Institutions Seek New Models to Offer Access to Affordable Credit -…

CHICAGO, Oct. 28, 2021 (GLOBE NEWSWIRE) -- TransUnion (NYSE: TRU) marked the five-year anniversary of its popular Innovation Lab this week during the Money 20/20 USA conference. Since its inception the Innovation Lab has helped dozens of banks, insurers, lenders and other financial institutions with customized data and analytics capabilities. The insights derived from the labs have improved millions of credit decisions, driving more access to affordable credit for consumers and helping companies better match products to prospects.

Over the past five years, weve provided our Innovation Lab services to a variety of companies across financial services and insurance, ranging in size from FinTechs and credit unions to some of the largest global financial institutions, said Michael Umlauf, senior vice president of Data Science and Analytics at TransUnion. Weve helped them address their biggest business challenges and provided them with insights that offer a competitive advantage.

The Innovation Lab enables organizations to collaborate with TransUnion and utilize resources to develop models and other analytical solutions that address key customer business issues. Customers of the Innovation Lab benefit from the vast amount of trended and alternative credit data, the speed at which new strategies, solutions and models are built (in days instead of weeks or months), and the collaboration with TransUnions Data Science and Analytics team.

As financial institutions return to lending in a changing economy, the Innovation Lab provides our customers with near real-time access to TransUnions vast analytic credit database, supported by experienced data scientists who help our customers rapidly translate ideas into actionable insights and models, said Jason Laky, executive vice president of financial services at TransUnion. The Innovation Lab allows our customers to accomplish in days what used to take months, and in the process, expand access to credit for millions of American consumers.

Business use cases for Innovation Lab participants can include market sizing, consumer segmentation, performance benchmarking, risk mitigation and asset class expansion, to name a few. New product launches and building actionable prescreen and underwriting solutions are also areas in which an Innovation Lab session may provide customers with valuable tools to optimize their business strategies.

The Innovation Lab leverages many of TransUnions hundreds of data scientists worldwide to ensure participants are improving existing consumer decision-points and exploring new business questions and sources of insight. With access to trended and alternative credit data as well as a state of the art machine learning platform and toolkit, participants have developed production-ready risk management or marketing models in as little as three days.

The Innovation Lab embodies our belief that the best outcomes are those where we bring together the industry and functional expertise of our customers data scientists with the deep data and modeling experience of TransUnions data scientists to create results that neither could achieve on our own. Thats a true win-win, continued Laky.

In addition to the United States, the Innovation Lab is currently available in the United Kingdom, Brazil, Canada and India. Financial institutions interested in participating in the lab can apply for 2022 sessions onthe Innovation Lab website.

About TransUnion (NYSE: TRU)TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.

A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.

http://www.transunion.com/business

2021 GlobeNewswire, Inc., source Press Releases

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TransUnion Marks Five-Year Anniversary of its Innovation Lab as More Financial Institutions Seek New Models to Offer Access to Affordable Credit -...