TransUnion CIBIL Ltd — Digitising Systems for Future-Ready Banking

The BFSI sector in India has transformed swiftly in alignment with technology.The advancement could be possible as there were no constraints with regard to age-old applications or mainframe-based technologies, says Bhuvanendran Kamak, Chief Information Officer (CIO) ,TransUnion CIBIL Ltd, in conversation with Harshal Yashwant Desai of Elets News Network (ENN). Excerpts:

How do you rate the current technology standards followed in the Indian BFSI Sector?

Technology adoption in India has evolved at a very fast pace in comparison to other international markets. This is primarily because India has not been constrained by too many legacy applications or mainframe-based technologies. Even Public Sector Banks today have a core banking system with a digital strategy in place. However, India still has a long way to go when it comes to things like high-end technology research and creation of a conducive ecosystem for start-ups. Also for data capture, authenticity and timeliness are also the challenges yet to be addressed.

How has the technology evolved within your organisation over the years? What are the driving forces for rapid technology transformation within your organisation?

We are one of India’s largest “Big Data” companies. At TransUnion CIBIL, Technology is definitely at the core of everything we do. Therefore, we view technology as a key differentiator. Given the same, over the years, we’ve continuously invested in upgrading our technology to stay “ahead of the curve”. While originally, technology served primarily as an enabler to run the business and was driven by our business strategy, we’re now reaching a stage where our technology is actually at the front, driving new, cutting-edge capabilities, thereby influencing our strategy in terms of what more can we can do in future.

Apprise us on the challenges faced by your organisation?

Challenges faced by TransUnion are essentially related to the adaption of new products. It is challenging to meet the need of our customers as existing workflows need to be digitised and policies need to be changed quickly.

Would you throw some light on the significance of your new system – CreditVision? How will this system pave the way for possibilities to expand the retail credit market?

Credit Vision is truly a next-generation product which will transform the retail credit market in India, as it has done successfully in other countries where it has been launched. The concept of Credit Vision is that by looking at a consumer’s trended credit scores over a period of time (rather than a fixed score at a given point of time) and by combining this with credit-payments-related information, we can return significantly add more valuable insights on the consumer to banks/financial institutions, thereby enabling them to distinguish the riskiness of two consumers who originally looked the same to them (since they had the same absolute credit score).  Credit Vision has several use-cases, but in its first avatar in India, it will enable banks to acquire more customers by giving them an “acquisition lift” over their existing models.

Which are the most remarkable Next-Gen initiatives? How big data is enabling TransUnion CIBIL Ltd to excel in its operations?

We are a Big Data company, and we’re driving Next-Gen initiatives to acquire, process, store, query and combine the data in unique ways. Our Big Data initiatives are enabling our member financial institutions to grow their business by providing them with rich insights across the lending value chain. For instance, we help banks with their distribution strategy by giving them unique insights into lending patterns across products, locations, and demographics.

Tell us about your future initiatives.

TransUnion CIBIL is currently investing in its technology across three large areas, namely – Big Data, Data Science (algorithms and model building), and an API framework for streamlining fulfillment. These investments will drive the next stage of our technology evolution in India.

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