Equifax Canada unveils new financial data platform
Equifax Canada has launched the first phase of a new multi-million dollar technology platform to provide financial data.
The company organises, assimilates and analyses data on more than 820 million consumers and more than 91 million businesses across the globe. The first phase of its new platform is designed to provide predictive insights about consumer spending, credit behaviour and potential delinquency to help clients assess the risk profile and financial health of their customers.
Jimmy Chan, chief information officer, Equifax Canada, says its clients “want and need us to innovate by helping them reach new markets and compete more effectively” and “this investment will go a long way to achieving that goal”.
However, he does not divulge any information about what the next phase of the platform will offer or when it can be expected to hit the market.
The solution is intended to benefit credit-granting financial institutions and the general public in Canada. Lenders will be able to access new markets that were “previously difficult” to underwrite because financial information about applicants was unavailable. Citizens, especially those with little-to-no credit history, will “finally be eligible to apply for loans from established and reasonable lenders”.
Additionally, the software will study repayment data to identify and highlight trends to produce insight for those underwriting lending risk.
By Soumik Roy, editorial contributor to Banking Technology