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Alex delivers Comprehensive Credit Reporting with Equifax in record time

Comprehensive Credit ReportingAlex has partnered with Equifax to provide Comprehensive Credit Reporting, giving deeper insights on borrower’s credit worthiness.

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Alex, whose mission is to make banking simpler and fairer for Australians, has partnered with leading credit information provider, Equifax, to provide Comprehensive Credit Reporting (CCR), giving deeper insights on borrower’s credit worthiness. The partnership gives Alex access to more comprehensive data sets on its potential customers financial background, enabling the digital lender to better assess a borrower’s true credit position and ability to pay a loan.

Chief Financial Officer of Alex, Craig Fenwick commented, “CCR is incredibly important for both borrowers and lenders as it gives greater visibility of a customer’s financial position meaning we can lend responsibly. As a new lender dedicated to making things simpler, the additional data available as part of CCR is enhancing our credit decisioning framework and also allows Alex to reward borrowers with good credit risk.”

Equifax Executive General Manager Moses Samaha added, “Equifax and Alex were able to work well together to provide CCR in record time with the assistance of our SmartData solution. Alex was able to satisfy its data supply requirements and setting themselves up for consumption within a month, which is an incredible achievement.”

Alex’s inaugural consumer lending product has been winning fans thanks to their fast, simple and human approach to lending. Alex has applied for a Restricted Authorised Deposit-Taking Institution (RADI) license from the Australian Prudential Regulation Authority (APRA).

Alex was also named as a finalist in comparison site Finder’s 2020 Awards in the Best Risk-Based Personal Loan category, announced last month.

Source: https://australianfintech.com.au/alex-delivers-comprehensive-credit-reporting-with-equifax-in-record-time/

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Mortgage broker platform Effi announces two new product updates

product updatesAustralian financial technology firm Effi has today announced the development two new sophisticated product updates for the CRM.

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Financial technology firm Effi has today announced the development two new sophisticated product updates for the CRM; Consumer Portal Impersonation and Calendar Sync.

Following the launch of Effi’s email marketing automation tool in September, and the formation of the Mortgage Broker Tech Council in October plus two new executive hires, Effi is gearing up for its final few product updates ahead of the imminent release of the final version of the CRM in early 2021.

“One of the biggest challenges brokers using our portal faced was their clients [or customers] weren’t filling certain forms out properly on the CRM. The brand new Consumer Portal Impersonation tool hopes to eliminate this issue and further streamline their communications and support for their clients,” said Vy Huynh, Relationship Manager at Effi.

The sophisticated Consumer Portal Impersonation tool allows brokers to see what their customer is doing in real time, answer any questions they may have, and troubleshoot for them in real time, on the site. Brokers can easily assist their customers with filling out their details and more using the tool.

“In addition to the Consumer Portal Impersonation tool, we’re also delighted to have added a Calendar Sync feature. This new feature automates the scheduling of meetings for brokers and their customers, further reducing the need for brokers to coordinate their calendars and reduce their admin time.

“Brokers can set times and dates they are available for meetings, how long they are available for, set a minimum notice time for meetings and customise their working hours. In turn, customers can click a personalised link per broker with broker business branding and set their appointments with them,” explained Huynh.

“We developed these two new features to further add to Effi’s holistic offering as the best possible mortgage broking platform in Australia.”

The final version of the Effi CRM is predicted to be released in early 2021.

Source: https://australianfintech.com.au/mortgage-broker-platform-effi-announces-two-new-product-updates/

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CDR poses risk and opportunities for brokers

opportunities for brokersThe mortgage industry believes that the introduction of Consumer Data Right and Open Banking could hold opportunities for brokers.

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While CDR and open banking could pose a risk to brokers retaining their clientele, their value proposition would lie in the insight and advice they offer to their clients, according to the industry.

The open banking regime was recently extended to allow customers of the four major banks to share their home loan and mortgage offset data to accredited recipients under a new stage of the Consumer Data Right (CDR).

The expansion of the regime, which has been operational by the major banks since 1 July 2020, adds to the number and type of account data that consumers can share under the CDR.

The product lead of the Finder app, Ben Nicholls, recently addressed the challenges the CDR and open banking regime could pose to brokers and their commercial model of trail commission.

Speaking during a webinar panel discussion on the future of mortgage lending, hosted by Finder, Mr Nicholls said that open banking and the CDR tool could not only enable a proliferation of refinance activity among borrowers, it could also drive borrowers to approach lenders directly for refinancing rather than use the services of a mortgage broker as the conduit.

“A big chunk of [brokers’] back-book portfolio might [go] directly to lenders because they’ve got this open banking and refinance platform,” Mr Nicholls said.

However, the industry also believes that the CDR and open banking could hold opportunities for brokers.

CEO of Choice Aggregation Services Stephen Moore told a recent Mortgage Business webcast about The advent of digital mortgages that the future of the broking industry and financial services would centre around data and digital tools.

“Brokers are really in the box seat when it comes to the future with open banking because open banking is ultimately about providing a better outcome for consumers by driving competition,” Mr Moore said.

“As we know, brokers are the key drivers of competition. We also know that brokers know their customers more than anyone else across the value chain in financial services, individual personal circumstances, their family, their aspirations.

“What’s missing now is that rich data that is typically being monopolised by the particular provider.”

Source: https://australianfintech.com.au/cdr-poses-risk-and-opportunities-for-brokers/

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ASX-listed fintech Flexigroup rebrands to Humm

FlexigroupThe rebrand from flexigroup to humm aligns its interest free instalment product propositions with the organisation’s brand name.

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Humm Group Limited announce that the Company’s securities will trade under the Australian Securities Exchange code “HUM” from today. This follows the overwhelming support received from shareholders at the Annual General Meeting on 19 November 2020 where 99.69% of votes cast were in favour of the Company name change from FlexiGroup Limited (previously ASX:FXL) to humm group limited.

Since commencing the organisational simplification, the Company has launched humm, bundll, its buy-now-pay-anywhere product, and most recently humm90, its long term interest free product. The rebrand from flexigroup to humm aligns its interest free instalment product propositions with the organisation’s brand name.

Rebecca James, Chief Executive Officer of humm said, “Today marks another big milestone for the business as we rebrand to our most recognised and loved brand, humm. The rationale for the rebrand is clear. From a standing start 18 months ago, humm has become synonymous with easy, digital, interest free finance with over 2.2 million customers across Australia, New Zealand and Ireland.

“Our mission is to revolutionise the way people buy. With a single platform serving everybody from Generation Z and millennial spenders through to young families and SMEs, humm finances everything from life’s little luxuries through to significant purchases.

“We’re excited about the growth opportunities ahead of us as we leverage the strong humm brand into new products, new verticals and new markets in the years ahead.”

Source: https://australianfintech.com.au/asx-listed-fintech-flexigroup-rebrands-to-humm/

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