TransUnion CIBIL launches CreditVision to enable banks to expand access to credit

CreditVision is a transformational way of looking at the past credit behavior of a consumer. CreditVision algorithms predict risk and expand credit opportunities by intensively studying the trended data that unlocks the patterns in payment, exposure and spend behavior.

TransUnion CIBIL’s analysis of consumer credit demand and behavior using CreditVision, shows that it could enable credit access to an incremental 15 lakh borrowers every year without compromising on risk.

In addition, the algorithms have identified another 20 lakh borrowers who currently have access to banking credit, but would be eligible for higher lines of credit or higher loan-to-value.

Speaking at the CreditVision launch, Managing Director and CEO of TransUnion CIBIL-  Satish Pillai said, “Financial inclusion and credit penetration are the keystones of propelling India on a sustainable high growth trajectory. With the launch of CreditVision® in India, we reinstate our commitment in supporting our member institutions on driving profitable business growth and credit penetration by providing credit access to many more deserving consumers. These new age CreditVision algorithms are a definite game changer for the credit industry which will enable phenomenal market expansion while helping define lending strategy for a growing nation on a digital path like ours.”

Speaking on the benefits of CreditVision for the industry, Rajesh Kumar, Group Head- Retail Credit & Risk at HDFC Bank said, “CreditVision represents the future ready bureau of the big data world enabling advance analytics. The rich insights on nuances of consumer behavior that CreditVision provides will help the industry identify and provide credit opportunities to a larger customer base thereby helping improve credit penetration and access to credit."

“CreditVision trended attributes are definitely more insightful than a point-in-time snapshot provided by the traditional bureau data. This helps map the credit evolution of the consumer and could have potential use case in underwriting and exposure management strategies. By using CreditVision®, we hope to penetrate to a much larger customer base, thus significantly increasing our retail outreach,” said Rakesh Bhatt, COO, Bajaj Finance Limited.

“Traditional bureau data is based on attributes derived from a point in time snapshot of customer behavior. CreditVision® provides insights into historical trends instead of a point in time snapshot which significantly enhances predictions of future customer behaviours thereby improving lending decisions. This will augment our ability to not only predict risk but also identify key consumer drivers that would impact critical marketing decisions," added Harjeet Toor, Business Head – Microbanking, Cards, Retail & MSME Lending at RBL Bank.

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