Jun 09 2021
Media reports have again surfaced about financial services firms ending up in court because they have been charging deceased customers for advice or insurance cover they did not receive.
The issue was first raised sensationally back in 2018 when the Hayne royal commission hearings found that big banks and financial institutions were charging a ‘fee for […]
Mar 23 2021
On the surface, evaluating consumer risk may seem simple – we’re assessing the creditworthiness of our customers. An accurate assessment will help deliver a more predictive picture, so where we concentrate our focus on what really matters. But why do we assess consumer credit risk, and how might this change in the future? It turns […]
Mar 19 2021
A key litmus test for the state of the economy is the number of days it takes for businesses to pay overdue bills.
illion’s Trade Late Payments Report is the most comprehensive in the market. Our latest report for the 2020 December quarter shows the Australian economy has some way to go before businesses can rest […]
Mar 03 2021
The big open banking decision – should your organisation go it alone, or is a third party the way to go?
With the Consumer Data Right (CDR) now live, customers can share their banking data with third party institutions such as banks, credit unions, fintechs, online lenders and money management apps. This is open banking, a regulated way for consumers to share their data, giving them greater control and encouraging widespread competition. It’s likely that by […]
Jan 19 2021
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 […]
Nov 25 2020
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 […]
Nov 12 2020
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 […]
Oct 30 2020
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 […]
Oct 23 2020
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 […]
Oct 12 2020
New data released today by illion shows a slew of new infrastructure has turned Western Sydney into ‘toll town’, burdening residents with a significant financial burden – tolls on the daily commute.
Data from the transactions of millions of commuters was used to calculate the average spending on tolls per household each week (May – September 2020).