LexisNexis Risk Solutions Selected as a Category Leader Among Retail Credit Data Solutions in New Chartis Research Report
ATLANTA, May 12, 2022 /PRNewswire/ -- LexisNexis® Risk Solutions today announced that it has been selected as a Category Leader by Chartis Research for its capabilities in the retail credit data solutions space in a new report, "Credit Data Solutions, 2022: Market and Vendor Landscape." The report uses the Chartis RiskTech Quadrant©, a comprehensive methodology of in-depth independent research and a clear scoring system to explain which technology solutions meet an organization's needs.
The RiskTech Quadrant evaluates vendor capabilities for retail credit data solutions by assessing two key dimensions, completeness of offering and market potential. Of the nine vendor capabilities assessed, LexisNexis Risk Solutions ranked best-in-class across three categories for breadth and depth of coverage and analytics. Its data management tools rank as advanced compared to other companies in the report, several of which only meet industry requirements or provide partial coverage/component capability.
"The use of alternative data sources to supplement existing datasets has become key to the retail credit data space, and sourcing, managing, and integrating these datasets with conventional data is a core challenge. Equally, ensuring integrity in the sourcing strategy of the alternative data involved is critical," said John MacDonagh, Senior Research Specialist at Chartis. "The breadth and depth of retail credit data coverage that LexisNexis Risk Solutions provides – in addition to its analytics capabilities – is substantial, and leverages capabilities and data in adjacent business areas. These capabilities are reflcted in its strong position as a category leader in the retail credit data quadrant."
LexisNexis Risk Solutions approaches credit risk assessment through straightforward fundamentals leveraging best-in-class linking technology to bring together a broad range of insights missing from traditional credit assessments into a single, differentiated picture of a consumer or business, then assesses that picture with powerful analytics guided by vast industry expertise. Designed with a compliance-first mindset, the resulting solutions have helped leading U.S. lenders gain competitive advantages through increased insight for nearly two decades.
"Financial institutions are increasingly challenged with striking a balance between achieving ambitious growth targets, minimizing losses and meeting rising business and consumer expectations. Success requires solution providers who provide robust, differentiated and easily accessible information that deliver real competitive advantages," said Kevin King, vice president, credit risk and marketing solutions strategy, LexisNexis Risk Solutions. "We constantly strive to better serve our customers and deliver effective global alternative credit risk intelligence. It is an honor to receive this recognition by Chartis for our efforts to innovate and provide quality insights that help lenders grow by better serving their communities."
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