Our custom insights tool enables us to build and deliver custom insights fast. If you find yourself manually calculating the numbers you need to complete a customer assessment, talk to us about automating them.
The Australian Senate Select Committee on Financial Technology and Regulatory Technology released its interim report in September where it recommended that the Australian Government maintain existing regulatory arrangements in relation to digital data capture (screen scraping).1
In its conclusions and recommendations relating to the treatment of screen scraping practices, the committee noted that in its view, it is pertinent that ASIC has found no evidence of consumer harm as a result of these practices. Further, they note that it is also clear that it will take some time for the Open Banking regime to provide a level of data quality and ubiquity that is currently available using digital data capture services.2
Naveen began university with the goal of becoming an accountant. He soon realised this was not going to satisfy his curiosity and made the fateful shift to software engineering which has led him around the world gaining experiences that have made him one of our most loved Technical Account Managers (TAM).
What do you need to know about dishonours?
Understanding a customer's history of dishonoured payments is an essential part of any credit assessment. Not only do you need to know whether the customer’s transaction history contains dishonours, you probably also want to understand:
- what kind of payments they were for
- how many there were
- how recently they occurred
- whether or not they’ve since been resolved.
Unfortunately, the way dishonours are recorded in customers’ transaction histories doesn’t make it easy.
Ever been tripped up by transaction reports that don’t make a clear distinction between a spend or income transaction and an internal transfer between a customer’s accounts? When accuracy and quality are critical, this issue can contribute to compliance breaches, flawed risk assessments and increased cases of fraud.
All balances are equal, but some are more equal than others
Depending on the bank, and type of account, not all balances are created equally. Banks will generally show you a current balance, which tells you how much money is in your account right now before pending transactions, and an available balance, which tells you how much money is in your account after adjusting for any pending transactions, i.e. recent transactions the bank knows about but is still processing.
But that’s not the end of the story. There are more elements to factor into the mix – like loan accounts, overdraft facilities, internet banking delays – along with your bank’s own processes and policies for managing each of these.
A couple of months ago, we introduced our new status page, which we created to level-up the prevailing standards around communicating system notifications and outages to Credit Sense clients. Initially, we made the new feature available via a URL, with promises to bring you a more robust, subscription-based service.
Well, it’s here. And while we could talk all day about how excited we are, we’ll do our best to keep calm, and stick to the facts.
We’re here for you
We know that your business depends on our business being up and available 24/7/365. To meet this challenge we invest in our infrastructure ensuring all production environments are Highly Available and deployed across multiple physical sites.
To deliver our service we aggregate hundreds of sites and rely on a number of upstream service providers, so the scope of events that might affect the delivery of our service are not always within our control, and incidents do happen. When they do, we want to ensure you are notified and have reliable access to clear and timely updates about affected services.
Until now we’ve communicated incidents via our System Notices page on the Credit Sense dashboard and our status indicator on the Lead Market dashboard. Although this was the best incident notification offered in our space, we felt we could do better.
Responsible lending is a journey of continuous improvement, and as the COVID-19 pandemic has reminded us, on a constantly shifting terrain. And from home. Now we’re all doing it from home.
One important aspect of responsible lending is affordability. Affordability assessment requires a reasonable inquiry into the customer’s income and outgoings to understand their ability to meet all the financial obligations they will commit to if they enter into a credit contract. We have solutions to help lenders make reasonable inquiries about a customer’s income and outgoings, however, this post focuses on expense classification.
A significant number of people have been directly affected by the COVID-19 pandemic and are dealing with profound changes to their financial circumstances. Lenders are working hard to support affected customers, however the increased volume of hardship applications can affect their ability to achieve well considered, appropriate and timely outcomes for customers.