illion is delighted to announce that both illion Open Data Solutions (ODS) and Credit Simple have been accredited by The Australian Competition and Consumer Commission (ACCC) as data recipients under the Consumer Data Right.
“With more than 100 years’ experience in the Australian and international financial arenas, we are proud to be amongst the first Australian organisations playing such a key role in this new financial ecosystem which puts data security and consumer privacy protection front and centre,” said Simon Bligh, CEO of illion.
Open banking was first announced in Australia in January 2019 and illion’s accreditation means it will now play an important role acting for both consumers and financial institutions, making the lending environment more frictionless.
“The Consumer Data Right provides the regulated infrastructure for Australians to choose who they share their financial data with, all in a safe, secure and efficient manner. It will make borrowing quicker and easier for consumers, and enable banks to process loans with less cost,” said Mr. Bligh.
“Credit Simple’s one million members will benefit from direct access to a spend tracker, allowing them to better understand their spending and take control of their financial situation.
“illion Open Data Solutions, the market leader, is the first intermediary to be accredited in this manner and will help our thousands of customers enjoy the benefits of open banking,” he said.
Established lenders can now also give their customers more insights about their spending and saving habits, and will be able to significantly improve assessment times, be more consistent in applying lending rules, and enable automation through income and expense assessments.
“It’s a great opportunity for lenders to re-think how they can compete by improving each of their products and services – so products are now directly tailored to customers’ individual needs.
“Businesses that don’t embrace the increasing power of data and regulated infrastructure like this may find it a lot harder to compete in the longer-term,” said Mr. Bligh.
About illion and Open Data Solutions
illion is the leading independent provider of trusted data and analytics products and services in Australasia. illion Open Data Solutions is the market leader in bank statement retrieval and income/expense analysis.
Trusted Insights. Responsible Decisions.
For more information
David Jones, Head of Corporate Affairs at illion David.email@example.com