Thursday, Mar. 09, 2017, 09:15 AM UPDATED 3:28 PMBy SubPrime Auto Finance News Staff
On Thursday, Equifax announced the global launch of a portfolio of analytics tools dubbed Equifax Ignite that’s available now in the U.S., Canada and the U.K., and coming to Australia in the fall.
The company explained that Equifax Ignite challenges what it classified as the traditional “one size fits all approach” with an innovative suite of solutions that provides fast, configurable and actionable data to solve clients’ most critical challenges and help drive their growth strategies. Offering insights through three distinct delivery channels, Equifax said this “tailored for you” approach was designed with various key users in mind — from marketing senior executives to data scientists.
The driving force behind Equifax Ignite is the company’s established insights through powerful data and analytics solutions that can help propel critical business decisions. Officials said Equifax Ignite embodies the company’s deep expertise in big data, specialized risk, fraud and marketing analytics, as well as its vast portfolio of directly sourced, directly measured data from the credit, finance and telecommunications industries.
Equifax Ignite can deliver deep insights through an extensive data portfolio including trended data, risk scoring models and the linking and keying of disparate sets of data.
“Harnessing the power of big data poses a tremendous challenge for businesses,” said Trey Loughran, chief marketing officer at Equifax. “Whether it’s providing the latest in data visualization through an app or access to our differentiated data, advanced analytical tools and technology, Equifax Ignite brings data to life and helps drive businesses forward by helping the end user become a data-driven organization.”
As an example, the company explained that with Equifax Ignite, a bank could leverage key insights to help assess risk at various decision points relevant to their unique goals. From more accurately targeting and screening new customers through market intelligence and alternative data, to creating risk models and monitoring risk scores over time, the user is able to access the vast array of insights available, using leading-edge analytic techniques.
“Equifax Ignite redefines access to data and speed to market,” said Prasanna Dhore, chief data and analytics officer at Equifax. “There is a paradigm shift happening: the market needs more tailored data solutions that don’t take months to deliver.
“Generic models aren’t relevant to many businesses’ needs, and custom models and diagnostics simply take too long,” Dhore continued. “Equifax Ignite meets market demand through a frictionless process that reduces building, testing and deployment from months to days.”
The Equifax data and advanced analytics is funneled into three delivery channels: Equifax Ignite Models and Scores, Equifax Ignite Direct and Equifax Ignite Marketplace.
• Equifax Ignite Models and Scores: Configurable scores that offer the power of a custom solution with the speed and ease of an off-the-shelf product. The Equifax Ignite portfolio of configurable scores can help businesses enhance customer acquisition, risk segmentation and decisioning, and improve customer relationships.
• Equifax Ignite Direct: Created as a self-serve platform, this high-speed solution can allow users to create analytics using direct access to data, attributes and analytical tools. Seamless integration enables teams to build, test and deploy models that suit their unique needs.
• Equifax Ignite Marketplace: A virtual destination for all of the Equifax analytical applications (apps) available for download. The apps will be leveraged for visualizing and digesting data, benchmarks and trends across industries including insurance, banking and telecommunications.
For more information about Equifax Ignite, visit Equifax.com/EquifaxIgnite.