Evolving a Brand that Enables Trust between Credit Unions and Members
Zig Ziglar, a well-known author, salesman and motivational speaker, once said, “If people like you, they will listen to you, but if they trust you, they’ll do business with you.”
Zig’s sentiment is evident in TransUnion’s recent rebrand of their products, which intends to help businesses – including credit unions – understand how TransUnion can help them transact confidently and earn consumer trust.
Years in the making
TransUnion’s rebrand began several years ago in the mid-2010s when we first introduced “Information for Good” to the marketplace. This simple but powerful three-word phrase allowed us to articulate and orient employees around our mission: to help people around the world access the opportunities that lead to a higher quality of life. It also became a filter for business decisions.
Over the years, TransUnion’s capabilities have evolved beyond credit risk into new areas like fraud, marketing and investigations, so we began developing a stronger story to help our customers understand what we can do for them.
Today, we describe TransUnion as an information and insights company that makes trust possible, by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each consumer – TransUnion’s robust, contextualized, actionable view of a person, stewarded with care – which businesses can use to make better decisions.
Enabling trust across multiple functions
TransUnion’s newly articulated way of describing its business is the guiding inspiration we used to rebrand TransUnion’s B2B products.
Following several high-profile acquisitions, including Neustar and Sontiq, our very large product portfolio was hard to navigate. To align with our simplified story, we reorganized and rebranded thousands of products into seven solution lines, based on business need, yet all unified by the promise that TransUnion makes trust possible by delivering a Tru picture about consumers.
This new approach ensures businesses with specific use cases can easily access the products they’re looking for. For example, businesses in a variety of markets, including credit unions, can use:
o TruAudience solutions to market more effectively
o TruValidate solutions to prevent and mitigate fraud
o TruVision solutions to assess and reduce credit risk
o TruIQ solutions to analyze data and build custom models
o TruEmpower solutions to engage consumers on their own web properties and applications
o TruContact solutions for more effective contact center and communication operations
o TruLookup to conduct faster due diligence and issue resolution with actionable intelligence.
Credit Unions benefit from a Tru picture
As the TransUnion brand has evolved, so have the solutions credit unions are leveraging in today’s dynamic economy. Rising interest rates, elevated inflation levels and several other factors have made today’s consumer credit market one of the most active in recent decades.
To that end, while credit unions continue to leverage credit risk and analytics solutions from our TruVision and TruIQ solution lines, there has been increasing demand for fraud prevention and identity solutions.
Case in point: Sophisticated fraudsters are targeting credit unions with new schemes. Credit unions are leveraging solutions within the TruValidate solution line to address these challenges. One credit union recently stopped $40,000 in synthetic fraud – a fraud attempt, that if successful, would have certainly become a total loss. Preventing one or two bad loans often pays for these solutions, so over the course of the year, the ROI is incredibly high.
And speaking of ROI, credit unions need deposits. Traditional marketing efforts don’t always yield great results. Still, newer, innovative solutions in this realm can help credit unions better target potential members likely to respond to deposit offers. A credit union that recently leveraged the TruAudience solution line doubled its results in a deposit campaign.
Doubling one’s results is a goal most businesses can believe in. However, as Zig Ziglar said, this can only happen once you’ve earned your customer’s trust. TransUnion’s portfolio of business solutions can help you do just that.
Timothy J. Martin has served as Executive Vice President, Chief Global Solutions Officer since May 2019. In this role, Mr. Martin is responsible for managing revenue growth and profitability through the strategy, planning, innovation and commercialization of nearly all of TransUnion’s products and solutions globally. He previously held business management roles at TransUnion leading both a number of industry vertical-focused teams and a high growth horizontal solution called the Specialized Risk Group.
Prior to joining TransUnion in September 2009, Mr. Martin was President and Chief Operating Officer of HSBC Auto Finance where he had direct profit and loss responsibility for all strategy, business development, sales, marketing, pricing, risk management, underwriting operations, customer service and collections. Prior to joining HSBC, he was a consultant with Booz Allen Hamilton (now PWC Strategy&) from 1998 to 2003, and senior marketing analyst with American Airlines from 1992 to 1996. Mr. Martin serves on the board of Juvenile Diabetes Research Foundation of South Florida and the Child Rescue Coalition.
Mr. Martin earned his B.S. in Management from Purdue University and his MBA from the University of Michigan Business School.