Search
Close this search box.

TransUnion Unveils AI-Powered Data Analytics Platform, OneTru

This unified portal aims to streamline access to TransUnion's offerings and enhance decision-making for financial institutions.

TransUnion, a leading credit bureau in the U.S., has launched OneTru, a new cloud-based platform designed to integrate its suite of data analytics, credit risk assessment, and fraud detection solutions using artificial intelligence (AI). This unified portal aims to streamline access to TransUnion’s offerings and enhance decision-making for financial institutions.

Rise of Generative AI in Banking

Driven by advancements like OpenAI’s ChatGPT, generative AI has gained traction in the banking sector. Major institutions such as Ally Financial, JPMorgan Chase, and SouthState Bank have integrated AI into various operations, with smaller banks following suit to improve efficiency.

OneTru Platform Overview

OneTru merges TransUnion’s existing hybrid cloud infrastructure with AI capabilities acquired from digital identity firm Neustar, enabling financial institutions to leverage AI and machine learning tools for credit assessment, marketing, and fraud prevention. The platform combines fragmented data sources, ensuring compliance with governance requirements.

Data Navigation and AI Assistance

Financial institutions can access various data sources within OneTru through TransUnion’s existing products, empowering data scientists and analysts to generate reports, interact with data, and execute real-time actions. The platform employs large language models and retrieval-augmented generation techniques to facilitate data navigation, offering step-by-step explanations and AI-generated answers.

Future Vision and Regulatory Considerations

Venkat Achanta, TransUnion’s EVP and Chief Technology, Data, and Analytics Officer, emphasizes OneTru’s role as the first step in transitioning the firm’s products to a unified platform. Addressing concerns about AI safety and security, TransUnion is committed to implementing robust frameworks and ensuring regulatory compliance, prioritizing customer trust and transparency.

Consumer Trust and Regulatory Landscape

Amid concerns about AI’s impact on security and fraud, financial institutions are cautious about maintaining consumer trust and meeting regulatory expectations. Transparency into AI use cases and model training is crucial, especially in response to evolving regulatory frameworks like the White House’s executive order on AI.

Conclusion

With OneTru, TransUnion aims to empower financial institutions with AI-driven data analytics capabilities while addressing concerns about security, transparency, and regulatory compliance. The platform represents a significant step towards streamlining decision-making and enhancing risk management in the banking sector.

Anshika Mathews
Anshika Mathews
Anshika is an Associate Research Analyst working for the AIM Leaders Council. She holds a keen interest in technology and related policy-making and its impact on society. She can be reached at anshika.mathews@aimresearch.co
Meet 100 Most Influential AI Leaders in USA
MachineCon 2024
26th July, 2024, New York
Latest Edition

AIM Research Apr 2024 Edition

Subscribe to our Latest Insights
By clicking the “Continue” button, you are agreeing to the AIM Media Terms of Use and Privacy Policy.
Recognitions & Lists
Discover, Apply, and Contribute on Noteworthy Awards and Surveys from AIM
AIM Leaders Council
An invitation-only forum of senior executives in the Data Science and AI industry.
Stay Current with our In-Depth Insights
Our Upcoming Events
Intimate leadership Gatherings for Groundbreaking Insights in Artificial Intelligence and Analytics.
AIMResearch Event
Supercharge your top goals and objectives to reach new heights of success!

Cutting Edge Analysis and Trends for USA's AI Industry

Subscribe to our Newsletter