One in five data and analytics decision-makers cite the inability to process big data and act on it at the speeds needed by operations, businesses and customers as a top challenge in executing their vision, according to an update from TransUnion (NYSE: TRU).
To ease those concerns, TransUnion unveiled TruIQ Analytics Studio, which is described as a powerful data science and analytics solution “providing businesses with on-demand access to its rich datasets.”
Within TruIQ Analytics Studio, data science and analytics teams “can leverage code templates and TransUnion expertise.”
They can rapidly “explore and mine data, as well as develop models then deploy in an environment of their choice.” It also allows customers “to build and train machine learning models with fully managed infrastructure, tools and workflows.”
Venkat Achanta, Chief Data & Analytics Officer, TransUnion, said:
“The global credit market is shifting with rising interest rates, high inflation and other factors resulting in evolving consumer behaviors. To address these changes and remain competitive, organizations need to be able to make the right decisions about their customers as quickly as possible. To support this pace, businesses – including small, mid-sized and large lenders – need faster access to data, and more importantly, faster model development and deployment to generate insights from the collected information.”
The solution offers benefits “to data and analytics teams that are especially relevant today,” including:
- Speed to market – data scientists and other users can utilize a single integrated source to access all relevant proprietary TransUnion data and tools that streamline processes and accelerate model development.
- Better models – designed to enable higher quality models, leveraging code templates, TransUnion’s proprietary data and the expertise of hundreds of data scientists via the company’s superior analytics consulting services.
- Competitive costs – pricing is driven by specific usage and needs versus higher costs traditionally associated with big box/one-size-fits-all software.
- Less friction – open and flexible cloud-based environment allows for easy movement of data and models between systems, giving users ability to take the data back into their own systems.
TruIQ Analytics Studio “leverages Amazon SageMaker Studio, which helps enable TransUnion internal users and external customers to take advantage of rapid data exploration capabilities and deploy machine learning models securely and at scale.”
Scott Mullins, managing director, Worldwide Financial Services at AWS, said:
“TransUnion and AWS share a commitment to helping financial services organizations modernize and transform to meet and exceed customer expectations through access to technologies like machine learning and analytics. We look forward to continuing to support TransUnion as they accelerate time to insight, enable access to rapid data exploration capabilities and fast model development which enables more informed decision making for their customers.”