TransUnion Strengthens Its Data-Driven Solutions to Support the Growth of Hong Kong’s Financial Sector

  • TransUnion’s House of Analytics integrates big data insights and business consulting for the financial services sector
  • Sandbox facility provides safe, enclosed environment for lenders to test solution before implementation
  • TransUnion’s Digital Onboarding solution extended to cross-border customers to support banks that have joined Wealth Management Connect initiatives

TransUnion is consolidating its data analytics and digital onboarding solution to help Hong Kong’s banks and money lenders grow their businesses by making better, more informed decisions faster. TransUnion’s latest ‘House of Analytics’ solutions suite combines data science and business consulting services to help accelerate decision making on financial products such as loans and mortgages. In addition, to help lenders capitalise on Hong Kong’s recently announced Wealth Management Connect initiative, TransUnion announced a Cross-Border eKYC (electronic know your customer) upgrade to its TruValidate Digital Onboarding solution.

“Having served Hong Kong businesses and consumers for more than 40 years, TransUnion is committed to transforming our solutions to meet the evolving needs of the market,” said Marie Claire Lim Moore, CEO of TransUnion Hong Kong. “As we look to the future of finance, TransUnion is advancing its capabilities to provide new solutions, models and insights to support the thriving FinTech ecosystem in Hong Kong.”

Introducing the ‘House of Analytics’ portfolio

The House of Analytics is a suite of solutions that uses machine learning and predictive modelling to help businesses make better use of their data to solve business challenges. House of Analytics customers have the opportunity to enrich their data with TransUnion’s credit bureau which holds millions of individual credit records and currently over 1,000 CreditVision behaviour algorithms to improve their modelling and help meet their business goals. These information and insights have already helped TransUnion’s bank and money lender customers to achieve 10-30% improvement from their pre-TransUnion-solution benchmark.

TransUnion is also increasing the range of behaviour algorithms in its CreditVision solution by 30% to over 1,300 in 2022 to provide additional dimensions of consumer behaviour and more use cases. These will further strengthen the capability of the House of Analytics to help solve customers’ needs.

This enhanced analytics enablement suite of solutions combines data science technologies with consulting services to run analyses on how rich data can be used to identify and overcome business problems. TransUnion’s panel of experts review all relevant data to develop insights and models that address use-case-specific needs for products such as personal loans, auto loans, credit card applications and mortgages.

The House of Analytics includes a sandbox facility for customers to test their data in a safe, enclosed environment to determine its usefulness. Customers can run sandbox testing independently themselves or invite TransUnion experts to support. Within the House, TransUnion is looking to incorporate federated learning (a machine learning technique) in the near future allowing organizations to collaborate on model training without giving away proprietary data. This will help the financial services sector and adjacent industries to unleash the power of data by connecting data sources and co-create an enormous data ecosystem to accelerate digital innovation in the future.

Cross-border Digital Onboarding for banks joining Wealth Management Connect initiatives

Following the recent announcement of Wealth Management Connect schemes, TransUnion’s TruValidate Digital Onboarding solution will now be expanded to support cross border remote account opening and will add new features such as AML (anti-money laundering) screening and SME account opening. 

TransUnion is supporting banks in both Hong Kong and China that have participated in the Northbound and Southbound schemes respectively to help them better evaluate potential customers from different capital markets. The solution provides flexible, direct deployment and an excellent user experience utilising facial recognition and NFC-based (Near Field Communication is a wireless data transfer technology) data capture matching against biometrics and official state data with 100% accuracy and additional tamper-proof safeguards. Investors simply input either their national ID card, a valid exit-entry permit for travelling to and from Hong Kong and Macau (EEP) or a mainland Chinese passport to open cross-border bank accounts online.

First launched in Hong Kong in 2017, TransUnion’s TruValidate Digital Onboarding solution has transformed traditional, time consuming legacy onboarding processes. The proven, pre-built state-of-the-art solution is integrated with TransUnion data for screening, verification and credit decisioning and has a customizable front-end that plugs into a customer’s existing digital channels giving applicants a single streamlined hassle-free onboarding service.

Jerry Ying, Chief Product Officer of TransUnion APAC, said: “In announcing the House of Analytics and Cross-border Digital Onboarding today, we are aiming to equip banks and money lenders with the latest fintech capabilities to build their businesses faster through informed decision-making. We will continue to build ever more robust solutions for the financial services sector and to help sustain trust between lenders and consumers.”

TransUnion is an active participant in Hong Kong Fintech Week 2021. In addition to joining panel discussions on gauging and understanding credit risk, RegTech adoption and cybersecurity, TransUnion is also hosting two online masterclasses for financial practitioners to learn about customer acquisitions and tackling the SME market.