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Transunion And FICO Partner To Introduce Groundbreaking Risk Solutions To Kenya To Expand Credit Access
(MENAFN- Mid-East Info)
This press release features multimedia. View the full release here: The two new solutions at the heart of this transformation are TransUnion's CreditVision® Variables solution and the FICO® Score. Together, they address critical challenges in risk assessment and financial inclusion. CreditVision Variables provides an enhanced view of consumer financial behaviour, analysing over 145 data sources and up to 24 months of historical payment data. The new FICO Score is built for the Kenyan market using proprietary predictive analytics technology and over 4 million records from the TransUnion database.

Enhancing traditional credit risk strategies with the FICO Score and comprehensive data analysis can improve risk predictability and enable lenders to extend financial services to more consumers. In other global markets, lenders integrating CreditVision Variables into their credit risk strategies have experienced a significant boost in risk predictability by 20%-30%. This enhancement has led to a notable improvement in approval rates, ranging from 15%-20%. CreditVision Variables can address essential business needs by:
- TransUnion Kenya is leveraging its CreditVision Variables solution and FICO partnership to redefine risk management and help expand access to financial services across Kenya
- By integrating enriched data and advanced analytics, TransUnion Kenya and FICO are empowering lenders to serve previously underserved individuals and SMMEs, building financial inclusion and economic growth
This press release features multimedia. View the full release here: The two new solutions at the heart of this transformation are TransUnion's CreditVision® Variables solution and the FICO® Score. Together, they address critical challenges in risk assessment and financial inclusion. CreditVision Variables provides an enhanced view of consumer financial behaviour, analysing over 145 data sources and up to 24 months of historical payment data. The new FICO Score is built for the Kenyan market using proprietary predictive analytics technology and over 4 million records from the TransUnion database.

Enhancing traditional credit risk strategies with the FICO Score and comprehensive data analysis can improve risk predictability and enable lenders to extend financial services to more consumers. In other global markets, lenders integrating CreditVision Variables into their credit risk strategies have experienced a significant boost in risk predictability by 20%-30%. This enhancement has led to a notable improvement in approval rates, ranging from 15%-20%. CreditVision Variables can address essential business needs by:
- Cost-effectively identifying and engaging the right new customers
- Growing and optimising the profitability of existing customers
- Providing insights into customer motivations and behaviours
- A single credit score to help lenders make credit decisions across both traditional credit products and microlending, including mobile loans
- Rapid approval/decline decisions for new applicants, reducing friction at the acquisition stage
- Refined allocation of credit limits and loan amounts
- Consistent risk-based pricing and terms of business
- Improved risk management, giving lenders the confidence to make more credit available while controlling losses
- Greater efficiency using a single score across both traditional and digital lending channels

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