TransUnion has launched a data management and delivery solution, OneTru, stepping up its usage of artificial intelligence (AI) and machine learning (ML) in the process.
The IT solutions developer aims to offer ‘a more accurate, complete and compliant picture of consumers’ via OneTru, which combines credit risk, marketing and fraud prevention capabilities.
OneTru has been designed with four layers, the first being data management, enabling access to TransUnino’s stores of public, proprietary, online, offline, credit and noncredit data, in line with regulatory requirements.
This is followed by the identity layer, which matches personal and digital ID fragments for both online and offline use cases, and then the analytics layer, which combines human intelligence, AI and ML to generate insights across credit, marketing and fraud mitigation.
The final layer is delivered using a unified data governance framework and permission-based controls to ‘ensure legal and regulatory compliance, auditability and the opportunity to easily revisit models’.
“Fragmented data sources and disconnected business applications can compromise access to analytic capabilities and increase time to insights,” said Chris Cartwright, President and CEO of TransUnion.
“TransUnion has brought together the complementary assets we have built and acquired in recent years to streamline data access and maximise the speed and quality of analytics and the decisions they drive.
“OneTru is increasing the pace and breadth of our innovation and enabling the next generation of insight-driven solutions for fraud, risk and marketing, while helping our customers more quickly adapt to changing regulations.”
Central to the rollout of OneTru is technology architecture, frameworks and IP from Neustar, which TransUnion acquired in December 2021. TransUnion’s use of AI and ML technology depends heavily on the leveraging of Neustar solutions.
TransUnion stepping up its use of AI tech comes amid acceleration of the technology’s usage at a rapid pace, particularly in finance services. Development of AI solutions is becoming an increasingly important area of focus for many fintechs.
In an interview with CNBC last week, Stripe President, John Collison, observed that there are ‘tons of AI startups’ catching investor attention. These startups are growing at a rapid pace, Collison remarked.
Commenting on OneTru’s launch, Venkat Achanta, Chief Technology, Data and Analytics Officer at TransUnion, said: “OneTru’s AI and ML driven knowledge graph capabilities will help our clients break down data silos and learn from the wealth of information available in our emerging digital world.
“This will allow our clients to move beyond traditional identity graphs that are limited to explicit data and deterministic linking.
“Our customers will have access to knowledge graphs that retrieve information from a much broader field and will be empowered to make logical inferences from linked, unstructured and structured data, thus providing additional meaning and context.”
