ATLANTE, May 12, 2022 /PRNewswire/ — LexisNexis® Risk Solutions announced today that it has been selected as a Category Leader by Chartis Research for its capabilities in retail credit data solutions 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 assesses the capabilities of retail credit data solution providers by evaluating two key dimensions, completeness of offering and market potential. Of the nine vendor capabilities evaluated, LexisNexis Risk Solutions ranked first in its class in three categories for breadth and depth of coverage and analytics. Its data management tools rank as advanced compared to other companies in the report, with several only meeting industry requirements or providing only partial coverage/component capability.
“Using 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 major challenge. Similarly, ensuring the integrity of the alternative data sourcing strategy involved is critical,” said Jean MacDonagh, Senior Research Specialist at Chartis. “The breadth and depth of retail credit data coverage that LexisNexis Risk Solutions provides – in addition to its analytical capabilities – is substantial and leverages capabilities and data in adjacent business areas. These capabilities are reflected in its strong position as a category leader in the Retail Credit Data Quadrant.”
LexisNexis Risk Solutions approaches credit risk assessment through simple fundamentals by leveraging best-in-class linking technology to bring together a wide range of information missing in traditional credit assessments into a single, differentiated picture of a consumer or business, then assesses that picture with powerful analytics guided by extensive industry expertise. Designed with a compliance-driven mindset, the resulting solutions have helped major US lenders gain competitive advantages through better understanding for nearly two decades.
“Financial institutions are increasingly faced with the challenge of finding a balance between achieving ambitious growth targets, minimizing losses and meeting the growing expectations of businesses and consumers. Success requires solution providers who deliver robust, differentiated and easily accessible information that delivers real competitive advantages,” said Kevin King, Vice President, Credit Risk and Marketing Solutions Strategy, LexisNexis Risk Solutions. “We are constantly striving to better serve our clients and provide effective information on alternative credit risks globally. It is an honor to receive this recognition from Chartis for our efforts in innovation and providing quality information that helps lenders grow by better serving their communities.”
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to deliver insights that help businesses and government entities reduce risk and improve decisions for the benefit of people everywhere. We provide data and technology solutions for a wide range of industries, including insurance, financial services, healthcare and government. Based in the Atlanta metro area, Georgia, we have offices around the world and are part of RELX, a global provider of information-based analysis and decision-making tools for professionals and enterprises. For more information, please visit www.risk.lexisnexis.com and www.relx.com.
About Chartis Research
Chartis Research is the leading provider of research and analysis for the global risk technology market. It is part of Infopro Digital, which owns market-leading brands such as Risk and WatersTechnology. Chartis’ goal is to help companies improve their business performance through improved risk management, corporate governance and compliance, and to help clients make informed technology and business decisions by providing in-depth analysis and practical advice on virtually every aspect of risk technology.
SOURCE LexisNexis Risk Solutions