A partnership with illion has helped marketplace lender Wisr forge a bold new paradigm for credit reporting and set the stage for future business in the process.
Wisr is a trailblazer in the marketplace lending industry. The Sydney-based company, which is Australia’s only publicly listed marketplace lender, has always aimed to inspire trustworthiness and confidence in its customers. It also embraces an agile approach that anticipates sector-wide trends.
Industry: Alternative Finance
Solution: Comprehensive Reporting (CR) Portal
A mandatory policy
In November 2017, the Turnbull Government announced plans to make Comprehensive Credit Reporting (CCR) mandatory for Australia’s big four banks from July 2018. The move requires lenders to provide both positive and negative credit data to credit bureaus, in an attempt to increase consumer access to finance and offer a more thorough snapshot of a customer’s credit history.
Comprehensive Credit Reporting is a complex process, involving various rules, privacy policies and strict data standards. However, for Wisr this represented a compelling opportunity — the chance to implement technology that would bring its values to life and position the Sydney-based company at the forefront of CCR in Australia.
Sage advice: illion's CCR insight
To support the move to Comprehensive Reporting and gain competitive advantage by positioning itself on the leading edge of this shift, Wisr joined forces with illion to implement the Comprehensive Reporting Portal (CR Portal).
The CR Portal product is an interface between the Credit Provider and the Credit Bureaus, designed to take the hard work out of providing Comprehensive data to the Credit Bureaus in the required Data Standards format. The Portal has been configured to accept data from a Credit Provider in a simple CSV format and convert this data into the required XML data standards format that allows for participation in Comprehensive Reporting.
Shifting up gear
CR Portal has set the stage for a powerful new offering that has seen Wisr future proof its business and create new income streams. Partnering with illion has also helped consolidate one of its defining missions — restoring confidence to investors and borrowers while inspiring customers to make financial decisions that can positively transform their lives.
“illion have been invaluable — providing training around what CCR is as well as its biggest challenges, and the team helped us understand all our data and kept us abreast of inconsistencies. Furthermore, they understand the difference between what the product is setting out to achieve and its realistic implementation, the way real people are thinking about it…”
iIllion’s focus on CR Portal’s real-world applications, as well as the obstacles faced by the end user, ensured a smooth implementation and minimised manual interventions, saving costs and effort in the process. However, the value for Wisr stems from more than just a product. It’s about the commitment to ongoing support and education into issues such as data inconsistencies — challenges that could affect return business and threaten customer relationships down the track.
Want to learn more about illion’s CR Portal and how we can help your business prepare for Comprehensive Credit Reporting? Contact us today.