TransUnion Launches Prama, a Transformational New Analytics Environment
CHICAGO, IL: TransUnion announced the launch of Prama, an innovative suite of solutions modifying the ways in which companies explore data and act on insights. Prama uses sophisticated and updated technologies to harness monolithic underlying data assets and employs advanced analytics to provide customers the power to make better decisions, and operationalize those decisions in an improved manner.
"Prama gives our customers the ability to see for themselves how their decisions compare to the marketplace, and how changes to strategy might ultimately impact revenue," said Jim Peck, president and chief executive officer of TransUnion.
The Prama portfolio will start with two flagship solutions in 2016—Prama Insights and Prama Studio.
Prama Insights comprises of anonymized info on nearly all the credit active consumers in the U.S. The data set leverages the power of Credit Vision and a seven-year historical view of data, providing lenders active insights that can render into unclouded consumer benefits at every instance. "Lenders need information to identify, connect with, and serve borrowers well -- all critical components of profitable consumer credit portfolios," said Christine Pratt, senior credit industry analyst at Aite Group. "Solutions that deliver both industry and peer benchmarks in real time and cost-effectively are very much needed and will be well received."
The first two modules of Prama Insights are Vintage Analysis and Market Insights.
The Vintage Analysis module leverages TransUnion's detailed anonymized tradeline history of more than 200 million consumers, letting users access seven years of performance data on a cohort basis so they can monitor underwriting policy, forecast losses, calculate loan profitability, and define marketing strategy.
The Market Insights module provides trimonthly views of key lending metrics at a state, regional and national level– allowing users to access applicable benchmark trends within moments.
The module consists nine quarters of anonymized data and a detailed understanding of delinquency rate changes by credit tier, geography, product, and line of business. Customers using this data can more effectively measure their own performance versus their competition in the industry.
"Prama Insights allows lenders to gain real and timely market intelligence that can be used for a wide variety of purposes, such as adapting risk and product strategies," said said Steve Chaouki, executive vice president of TransUnion's financial services business unit. "Studio, the second phase of Prama, will allow users to upload their own data, conduct detailed analyses and test strategy changes across a number of dimensions.”
The first Prama Studio modules will be offered to TransUnion customers in mid-2016.
By Phil Jarvis, VP, IT, Thirty-One Gifts
By Dr.Chris Ewell, CISO, Seattle Children
By Eloise Young, CIO, Philadelphia Gas Works
By Phil Stevens, CIO, The Exchange
By Herman Nell, SVP & CIO, Rent-A-Center
By John Honeycutt, CTO, Discovery Communications
By Mark Wead, Chief Enterprise Architect– North America...
By Federico Flórez, Chief Information & Innovation Officer,...
By David Berry, CIO, Daymon Worldwide
By Douglas Turk, Chief Marketing Officer, JLT Speciality
By Tekin Gulsen, CIO, Global IT & Corporate Planning...
By John Sprague, Deputy CTO, IT and the End User Architect,...
By Craig C Shrader, CIO Engagement Partner, Tatum, a...
By Bill Schimikowski, VP, Customer Experience, Fidelity...
By Tom Bressie, Vice President, Oracle Cloud
By Jeff Katz, CTO, Energy & Utilities, IBM [NYSE:IBM]
By Dr Dirk E Mahling, VP, Technology, Alliant Energy
By Steven John, CIO, AmeriPride Services
By Leon Ravenna, CISO, KAR Auction Services, Inc.