by Mark Heymann

Big data has redefined our world. It’s constant and rapid flow originates from a wide variety of sources and has allowed organisations the opportunity to access greater intelligence. Organisations, however, are continually overwhelmed by redundant information which holds no relevance to their client base. It’s critical for organisations to avoid being inundated with high data mass, so they’re able to streamline data and convert this information into useful insights.

In our ever-changing world, conventional uses of data no longer suffice. Organisations and the clients they do business with need to look to solutionbased options which allow them to extract information pertinent to them. Entities that would be pivotal in the creation and facilitation of these kinds of solutions would be informationbased organisations such as credit bureaus. At the forefront of the information age, credit bureaus are uniquely positioned to drive innovative, forwardthinking and risk-proven solutions to benefit their clients.

Credit bureau clients present a greater demand than ever before and require their service providers to deliver efficiency and intelligence, and to support their ability to achieve better decision-making. They want to be competitive, and credit bureaus supplying only traditional credit reporting will not assist them in meeting this goal. Therefore, credit bureaus need to be proactive, and create and develop accessible, value-added solutions that feed relevant and meaningful information to each of their respective clients. Their solutions need to be characterised by intelligence, speed and agility, and the ability to be tailored dynamically to the specific needs of each individual client and industry.

In order for these informationbased solutions to provide an overall and practical view of clients and their proposed objectives, they not only need to be cognisant of the links between the data sources utilised, they also have to ensure the information and intelligence delivered is consistent. The key is in insight: enabling better decision-making and evaluating present and future risk is tied to the provision of robust insight constantly fed and updated by the broadening expanse of big data, which is constantly improving itself through the influence of advanced analytics. It’s important to note that data fills in gaps, and therefore cannot be considered in isolation. Actionable insight flows from the translation of that data into information, and then into knowledge that clients are able to use in order to take the correct action. Savvy credit bureaus should invest in their futures by providing solutions that equip their clients with innovative, up-to-date content delivered quickly and routinely. Having access to data that is reliable, comprehensive, proves its value and delivers return on expenditure with actionable outcomes is invaluable.

Ultimately, the credit bureau of the future should constantly strive to move its clients forward. By utilising the power of analytics, credit bureaus should arm their clients with the tools to predict coming patterns and trends, and empower them with the ability to exercise good decision-making – both on an individual and automation basis. Big data has changed the information landscape, and now it’s up to the most innovative credit bureaus to direct the data flow that moves beyond insight and into foresight.

Mark Heymann, Senior Director: Commercial at TransUnion