LexisNexis Risk Solutions Earns Alternative Credit Category Award in 2023 Chartis Research STORM Ranking
Chartis Research Also Ranks LexisNexis Risk Solutions 4th Out of 25 for its Retail Alternative Credit Data and Analytics Capabilities
According to Chartis, this second edition of the STORM – which stands for statistical analysis, optimization and risk management – ranking and analysis "focuses on the continued evolution of analytics and computational technologies." The results reflect market trend research coupled with Chartis analysts' expert opinions. Chartis ranks vendors on breadth and coverage, impact, computational infrastructure, innovation and strategy. Specifically, the RetailFinanceAnalytics25 report evaluates those tools and techniques that "enable retail finance institutions – predominately banks, but also investment banks, brokers and insurance companies – to provide optimal pricing retail advisory or retail credit risk solutions."
"The STORM award for LexisNexis Risk Solutions reflects its approach to retail credit alternative insights and our focus on vendors that make analytics relatively straightforward using validated and traceable information available to customers," said Sid Dash, chief researcher at Chartis. "The company's formal approach that often employs transactional insights provides a structured alternative to other, less well-authenticated options."
Insights gained through alternative credit data provides a broader view of a consumer's credit behavior beyond tradeline data into other life events that have implications on consumer credit stability. Incorporating this type of data in risk assessment solutions across the customer lifecycle can deliver greater visibility into credit risk than using traditional data alone, allowing businesses to deliver smart, optimized and affordable offers for credit and services.
Financial institutions' need for additional information and insights into the credit riskiness and worthiness of their applicants has grown exponentially in the past several years. For 20 years, LexisNexis Risk Solutions has been providing FCRA-regulated credit insights on consumers, underpinned by the principle of financial inclusion and through its flagship LexisNexis® RiskView™ Credit Solutions credit products. This enables more unbanked and underserved consumers to gain broader access to traditional credit/financial products.
"We are proud to receive recognition from Chartis for our alternative credit capabilities," said Kevin King, vice president, credit risk and marketing solutions strategy, LexisNexis Risk Solutions. "Our products and services not only benefit financial institutions but help ensure that individual consumers and small to mid-size businesses receive the most appropriate offers from their financial institutions. We are pioneers in the field of alternative credit data and will continue to innovate to respond to our customers' needs for deeper insight and trustworthy risk management solutions."
Learn more about how alternative data insights can help you increase approval rates, mitigate risk and drive financial inclusion.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions includes seven brands that span multiple industries and sectors. We harness the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. Headquartered in metro
About Chartis Research
Chartis Research is the leading provider of research and analysis on the global market for risk technology. Chartis's goal is to support enterprises as they drive business performance through improved risk management, corporate governance and compliance, and to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology.
Media Contact:
Marcy Theobald
678.694.6681
marcy.Theobald@lexisnexisrisk.com
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SOURCE LexisNexis Risk Solutions
