TransUnion has launched DecisionEdge, an automated risk decisioning ecosystem that provides information that supports sound, fact-based decision-making at every step of the credit lifecycle. It improves the customer experience, drives increased profitability, minimises risk and optimises collection strategies.
DecisionEdge focuses on three critical characteristics that differentiates the solution from mainstream applications – it is agile, adaptive and analytical. The solution adapts to the customer’s profile and how a customer would be handled. For example, if a customer applies for credit and they are high risk, more information about the person is required in order to make an informed decision.
The solution adapts and evolves if a customer’s risk profile changes as does the information criteria. Lastly, business applications are designed and built to meet specified requirements. DecisionEdge fits the unique needs of each business and is highly customisable.
“We’ve combined years of best practices and Intellectual Property (IP) with robust business rules and business process management tools to deliver a highly scalable and configurable platform,” says Mark Heymann, senior director: decision and operations at TransUnion. “The result is a system that can be tailored to a business’s unique needs to power critical credit decisions for engaging with, acquiring new and managing existing customers. It also assists with customer collections as well as reducing fraud without impacting the customer experience.”
DecisionEdge is ideal for organisations that require a bespoke solution, perfectly tailored to fit their needs. Delivered as a cloud-based solution, DecisionEdge allows customers to build their own models, write their own business rules, design their own experiments and create ‘what if’ scenarios. Organisations are able to adapt the solution to match their business model as well as integrate their own data. DecisionEdge takes the complexity and time consuming component out of extensive customisation without it being expensive to maintain.
The platform offers a number of innovative, fully customisable products and solutions to deliver additional value throughout the credit lifecycle, including:
* DecisionEdge Acquisition/Application Manager- enables the automation of the credit application process by empowering organisations to accurately assess the credit-worthiness of consumers or businesses
* DecisionEdge Collections – empowers organisations to streamline their collections strategy and make fast and accurate decisions.
* DecisionEdge Identity Manager – a powerful solution that provides the data, analytics and insights to allow organisations to keep ahead of ever-changing fraud tactics, safely grow business and create a superior multi-channel customer experience.
* DecisionEdge Income Verification Process – enables simple verification of disclosed income for faster, more accurate decisions and an improved customer experience.
* DecisionEdge Intelligent Monitoring – applies advanced analytics to the vast repositories of TransUnion data to alert to changes in customer behaviour. This enables organisations to effectively manage risk and leverage opportunities as and when they occur.
* DecisionEdge Portfolio Manager – delivers the customer insights and tools needed to determine the right offer or set of offers to make, at the right time and through the correct channel for increased wallet, better profitability and reduced attrition and delinquency rates.
* DecisionEdge Intercept Marketing – An engaging and interactive solution that uses analytics-based decisioning to increase account acquisition and customer cross-and-up sales opportunities.
* DecisionEdge MobileCredit – a comprehensive and customised solution that allows consumers to apply for credit through a simple text message (SMS), Mobi or USSD interfaces from anywhere and at any time, structured according to the credit provider’s policies and processes.
These modules can be combined and customised according to customer requirements to deliver a tailored decisioning and risk management solution.
During the engagement and acquisition phase, DecisionEdge can be used to manage marketing campaigns, process customer applications through multiple channels, and automate and customise decisioning. When acquiring new customers, it is essential to ensure that onboarding is as quick and seamless as possible. Customers want quick decisions through whichever channel they choose to interact with the business. Offers should also be applicable, and the application process must be automated as far as possible. DecisionEdge solutions enable organisations to achieve all of this, creating account origination processes that are convenient and relevant for customers in today’s world.
Managing customers effectively is also essential, which requires organisations to quickly identify and act on changes in customer behaviour. Anticipating customer needs and proactively offering relevant products and services can help organisations to grow their wallet share. DecisionEdge supports this by alerting organisations when their customers’ behaviour changes, which enables cost effective management of the customer portfolio.
TransUnion’s DecisionEdge solutions also help organisations to protect themselves and their customers by assisting with the mitigation of application fraud by dynamically adjusting the level of scrutiny based on the assessed risk. For low risk customers this speeds up the application process, and it also helps organisations to boost acquisition rates by on-boarding good customers faster.
Finally, DecisionEdge supports the recovery process by helping organisations to optimise their collections strategy. By identifying the best collection strategy for each account, organisations can focus their efforts where they will have the greatest impact. In addition, it supports the adoption and deployment of a strategic approach at all stages of the collections process.