Experian, a global information services company, today announced the availability of the Attribute Toolbox, a data intelligence application that puts enhanced data access and attribute management capabilities directly into the hands of clients.
Experian's Attribute Toolbox allows institutions not only to connect to multiple data sources, but also to effectively build, fine tune and manage the attributes that are required to make informed decisions throughout the customer life cycle.
"The ability to effectively harness data available for decisioning is the core advantage of the Attribute Toolbox," said Gary Kearns, president, Experian's Decision Analytics. "The Attribute Toolbox enables clients to access information from a multitude of data sources and use this information to create predictive assessments of individual credit worthiness across the enterprise."
Attributes are the variables that summarize raw data for use in developing and executing scorecards. They can be customized to reflect specific customer behaviors that drive better business decisions. Lenders use attributes - such as the number of delinquent accounts - as the basic component to make smarter decisions on extensions of loans or credit.
"In the last few years lenders have made great strides in improving the quality as well as availability of information about their customers," said Christine Pratt, research director, Consumer Banking & Credit at Financial Insights. "The next step for many lenders is deployment of analytics that will enable them to manage and grow what is already a $14 trillion retail loan portfolio. Solutions like Experian's Attribute Toolbox that address one of the industry's key challenges-to better manage data which in turn improves the speed and quality of decisions-positions lenders to compete effectively for the customer's business and for overall market share."
Systems that manage attributes across an enterprise are typically difficult to integrate, in addition to being cumbersome and hard to use. Attribute Toolbox provides a service-based, platform-independent application that makes it easy to integrate with existing systems and allows a client to manage attributes with common tools across the enterprise. It also provides access to Experian's industry leading library of more than 400 standard aggregated STAGG attributes.
More than a toolkit, Attribute Toolbox offers clients pre-developed interfaces to credit and non-credit data sources. The tool has a simple, intuitive user interface that allows analysts to manage, create and validate attributes which can be deployed in real-time or off-line processing environments. Attribute Toolbox can be hosted by Experian or installed within a client's own environment. It is sold as a standalone product or can be combined with Experian's analytical and decisioning products such as the Strategy Management business rules engine or Transact SM application processing software.
Experian's Decision Analytics business combines data intelligence, analytics, software and consulting to provide credit risk, identity, and fraud solutions that can help clients increase profitability and improve performance. Its enterprise-wide decisioning capabilities enable clients to manage and optimize risk; prevent, detect and reduce fraud; meet regulatory obligations; and gain operational efficiencies. Trusted by leading players worldwide, Experian's Decision Analytics business provides the intelligence to make accurate and informed decisions to help clients better manage their customer relationships.