Managing credit portfolio performance is a balancing act between risk exposure and growth. However, as economic conditions continue to evolve, financial institutions must look beyond traditional underwriting data and principles to serve new segments and grow their business, says Visa.
Additionally, the lack of data also poses a unique challenge when it comes to acquiring customers with little-to-no credit history. In the US alone, 26 million people are classified as “credit invisible.”
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To counter this challenge, Visa Consulting & Analytics (VCA) offers a range of strategies and pre-screened alternative data providers that best align with the FI business model and objectives.
“Our services will help our clients identify and source new data insights to enhance their credit risk decisions and re-invent traditional credit risk management processes. By delivering more holistic risk profiles, we can create the augmented process that FI’s need to accelerate customer acquisition while allowing them to stay in control of their risk tolerance levels, “said Carl Rutstein Global Head, Visa’s Advisory businesses.
The report, entitled ‘Sourcing new data for richer credit-risk decisions’, looks at how credit risk assessment evolved with the availability of data, scopes the global alternative data opportunity landscape and identifies key challenges for FIs to navigate. The report is available for download via this link.
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