LONDON — LexisNexis® Risk Solutions has earned a category award for its retail alternative credit data offering in the 2023 Chartis Research STORM RetailFinanceAnalytics25. In addition to achieving category leader status, LexisNexis Risk Solutions is ranked 4th out of 25 among participating companies for its overall capabilities.
According to Chartis, this second edition of the STORM – which stands for statistical analysis, optimisation and risk management – ranking and analysis “focuses on the continued evolution of analytics and computational technologies.” The results reflect market trend research coupled with Chartis analysts' expert opinions. Chartis ranks vendors on breadth and coverage, impact, computational infrastructure, innovation and strategy. Specifically, the RetailFinanceAnalytics25 report evaluates those tools and techniques that “enable retail finance institutions – predominately banks, but also investment banks, brokers and insurance companies – to provide optimal pricing retail advisory or retail credit risk solutions.”
“The STORM award for LexisNexis Risk Solutions reflects its approach to retail credit alternative insights and our focus on vendors that make analytics relatively straightforward using validated and traceable information available to customers,” said Sid Dash, chief researcher at Chartis. “The company’s formal approach that often employs transactional insights provides a structured alternative to other, less well-authenticated options.”
“Insights gained through alternative credit data provide a far broader view of a consumer’s credit behaviour, said Steve Elliot, managing director of LexisNexis Risk Solutions in the UK and Ireland. “Incorporating this data into risk assessment solutions across the customer lifecycle helps us deliver our clients greater visibility into credit risk than just using traditional data alone, helping them to extend services to groups who might otherwise struggle to gain access to fair and affordable banking and lines of credit. In doing this, alternative data has a vital role to play in tackling the increasing social issues of financial exclusion and associated debt spiralling, which are only exacerbated by the cost-of-living crisis.”About Chartis Research
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit LexisNexis Risk Solutions and RELX.