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Jan 19 2021 
ACCC misses the opportunity to fine-tune open banking Rules
By Richard Atkinson, GM Consumer Product, illion
The Australian Competition and Consumer Commission has published its third set of amendments of the Consumer Data Right (CDR) rules which are required to underpin Australia’s emerging open banking system.
The amendments follow the release of a Consultation Paper by the ACCC in October 2020, where feedback was requested on […]
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Dec 03 2020 
New real time data shows buds of economic recovery
New data released today by illion shows Australia’s economic recovery is starting to emerge, but with Sydney taking a clear lead over Melbourne.There has been a dramatic shift in spending habits from the beginning of the COVID pandemic (April) to October.
In April, Sydney’s share of spending in lower-income areas (Local Government Areas) bolstered the economy, […]
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Nov 25 2020 
Open banking – illion advocates for a less prescriptive approach
By Jarrid Ohanessian, GM illion Open Data Solutions
The ACCC has recently published the latest set of feedback on further changes to the Consumer Data Right (CDR) rules which are part of Australia’s emerging open banking system. These changes are aimed at making CDR data more widely available, with lower barriers to entry.
As Australia’s oldest and […]
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Nov 23 2020 
Why it’s time to rethink risk management in your business
COVID-19 has had a profound impact on businesses across many sectors. Profits and balance sheets have taken a hit. Consumer spending has stalled. Even the office itself isn’t what it used to be.
And let’s not forget risk. Not only is it on the rise, but the goal posts have changed, leaving many businesses scrambling for […]
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Nov 12 2020 
Open banking and the Consumer Data Right (CDR) – what are the benefits for lenders?
The first phase of open banking is well and truly live in Australia. With the Consumer Data Right (CDR) introduced in July 2020, consumers can now share their banking data with third party institutions such as other banks, credit unions, fintechs, online lenders and money management apps.
There are obvious benefits for consumers, but open banking […]
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Oct 30 2020 
New real time data: our new normal emerges
New data released today by illion shows that Australia’s economic recovery is starting to emerge.
The last fortnight of spending has been the first time Australia has hit pre-pandemic levels of spending since July.
This is also the first time since the pandemic began that high income earners are spending at pre COVID levels – both in […]
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Oct 30 2020 
Your open banking journey can now begin with illion
The Consumer Data Right will give Australians the ability to choose who they share their financial data with securely, efficiently and with full control.
Accredited lenders, fintechs and other firms 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 […]
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Oct 23 2020 
illion Open Data Solutions and Credit Simple now accredited open banking partners
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 […]
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Feb 27 2020 
Five top tips for managing AML in the mutual banking sector.
By Simon Bligh, CEO illion
AUSTRAC has recently released the latest in a series of risk assessments into money laundering and terrorism, focusing this time on Australia’s mutual banking sector. This insightful report has confirmed AUSTRAC’s overall assessment of the money laundering and terrorism funding risk for mutuals is medium, however some specific risks that need […] -
Feb 24 2020 
5 simple ways mortgage brokers can differentiate themselves from their competitors
Customer satisfaction wins
The growth of the mortgage broker channel in recent years is giving consumers more choice when selecting an intermediary to broker the best home loan deal for them. Earlier in 2019, the industry achieved a record 60% share of broker originated loans, and this was during a period of restricted credit. Now, with […]
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