Dan O'Neill

COLLABORATION. What I love about this photo is 5 women across 5 different industries coming together to find solutions and improve the CDR. Law firm King & Wood Mallesons, global data analytics company, Equifax Australia , Federal Government, Treasury team, global credit card company Mastercard and global industry body FDATA A&NZ, amongst many others in one room finding a way forward. Last week was the kick off of event for Women in Open Banking ANZ followed by CDR Summit. Post this and the deliberately provocative Accenture report the ABA commisioned on the CDR, Linkedin and many other publications were awash with swift rebuttals and equally challenging click bait headlines. My 2c....all publicity is good publicity. If it takes one report to drive attention to the problem and drive change then great. So whilst not everyone agreed on the specifics, we all agreed there is a problem and as an industry group the key themes are: 1. CDR needs improvement. There are fundamental quick wins (maybe a few not as quick) that can be made: * user experience and consents (8-11 screens v's 3 for screen scraping) * Derived data and retention rules. CDR data is like poison. Everything it touches dies, so you can forget using it in lending, credit decisioning or for any ongoing audit purposes which is a pre-requisite for most loan applications * Product reference data is not up to scratch * and the list goes on and on..... 2. There is slow uptake. Real volume of CDR usage is still widely unknown however conjecture would say it's north of the ABA figures (0.3%) however nowhere where it needs to be 3. We need the government to think big picture. The privacy act review, CDR, Digital ID and payments are all fundamentally intertwined through consents, data sets, privacy rules and data standards. So. Instead of pointing out the problems, let's come up with some solutions. Working together. COLLABORATION

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This year's Budget is all about boosting growth and easing the cost of living. We've been thinking about what it may mean for professional services businesses. Check out the considered insights of NAB Chief Economist Alan Oster below. https://lnkd.in/eUbdzJiY

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CoreLogic NZ Weekly Podcast: This week Nick & Kelvin are tackling the timely topic of stagnant property prices. Have a listen as they delve into the factors contributing to this trend and explore what it means for the market & for insightful discussions and expert analysis on the state of New Zealand's property landscape. 🏡👀"

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Orchestrating the Future: Banking’s Critical Digital Juncture 🌐 This article encapsulates conversations we've been having recently. "We are at a critical digital juncture,” said KPMG’s Janine Woodside (FCA) “The ability to relentlessly orchestrate multiple, complex, concurrent changes, whilst harnessing new technology, will increasingly differentiate banks." 🔑 This resonates deeply with what we’re achieving through our stand-alone credit origination platform. Designed to operate seamlessly alongside your existing systems, our platform is up and running within 3 months and begins delivering returns within 12 to 18 months. We’re in conversations with Australia’s major banks to enable them to enhance their credit origination processes without major disruptions or high-risk integrations. It’s an exciting time for banking innovation, and we’re here to drive powerful, effective change. 🚀 #DigitalTransformation #CreditOrigination #BankingInnovation #Fintech #FutureOfBanking

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Bridgit secures a $14.2 million Series A to reshape the home lending market Sydney-based #fintech company #Bridgit, formerly known as TechLend, has successfully raised $14.2 million in a Series A funding round. This latest investment will help Bridgit expand its innovative home lending services, offering bridging loans to homeowners looking to move houses. Founded in 2021, Bridgit aims to simplify the home buying process by providing short-term bridging loans. These loans allow homeowners to purchase a new house before selling their current one, addressing a significant need in the real estate market. The Series A round was led by existing investor IOF, showcasing continued confidence in Bridgit’s business model and growth potential. Bridgit had previously raised $7.5 million in a round co-led by OIF Ventures and Perennial Partners two years ago. Bridgit targets homeowners, particularly older generations looking to downsize, who can benefit from recent changes to superannuation rules. These rules allow individuals over 55 to sell their property and contribute up to $300,000 from the proceeds to their superannuation fund. Bridgit offers loans ranging from $300,000 to $4 million, with interest rates just under 10% and a 1% establishment fee. Loans are approved within a day, often in less than an hour, and can cover up to 80% of the property’s value. Currently, Bridgit writes around $600 million in lending annually, with typical loans averaging $1 million and repaid within four months. Bridgit’s innovative approach addresses a critical pain point in the real estate market, providing quick and flexible financing solutions for homeowners. This service is particularly beneficial for the Boomer generation looking to downsize, offering them a hassle-free way to transition to a new home. The successful Series A funding underscores the growing demand for such services and positions Bridgit for significant expansion. The article on Startup Daily in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://t.ly/s541W   - Substack: https://lnkd.in/dzfGJzmW

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Choosing a credit card shouldn't take precious time away from your business, which is why we have four cards for you to pick from. Each card boasts unique features that pack a punch. Key benefits include: - Reward earning options, lower rates, and extended interest-free periods. - Up to 55 days interest-free to support cash flow management by allowing payments at a later date. - Personalized cardholder controls for spend type, monthly limits, and transaction restrictions. - Seamless integration with accounting software for efficient planning and organization. - Clear separation of business and personal expenses for improved financial tracking. - Hassle-free management of employees' work-related expenses with no extra charges for additional cards. Explore how ANZ business credit cards can help you #BusinessCreditCards #FinancialManagement #ANZBank Debbie Becker, Toby Lim, Andrew Newsham, Aaron Landorf, Tony Perugini, Chris Dinow https://lnkd.in/gcdbkRPg

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It was good to see healthy debate around New Zealand's open banking progress at our conference #ThePoint2024 this week. I was particularly heartened by the sentiment that we're not far behind Australia and have room to succeed where they might have stumbled. As I emphasise in this article on iStart News, we've made some great headway, but there is still much work to be done. We have something to build on though, and now is the time to hold our nerve and keep going. Read the full article via the link below to get more of an understanding about how both Australia and New Zealand are progressing their open banking journey.   #APICentre #Payments #OpenBanking Payments NZ

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It's a good time to be in technology!  The word technology appears no less than 101 times in the Westpac Annual Report - emphasising the critical link between good technical engineering and great business outcomes. I am immensely proud of my Mortgage Technology team who continue to run world class technology services and enable great business outcomes through their technology delivery. In 24 months, we have halved the time taken to decision an average home loan to an industry leading 4.8 days in our broker channel. The result is a 41 point increase in Broker NPS! These solid results are underpinned by a suite of automations and integrations the technology team has delivered throughout the year. We're piloting new AI tech to streamline home loan assessments to further enable great customer outcomes and drive efficiency in our value chain. This year we also enabled the Sustainable Upgrades home and investor loans with support of the Clean Energy Finance Corporation.  Our digital mortgage continues to build momentum with over $4B settled to date and we have a clear plan to accelerate our technology simplification through UNITE. Irrespective of how you look at it, technology is a critical component to enabling good business outcomes. #technology #mortgagetechnology #engineering Paul Bari Damien MacRae Vishal Chaswal Peter Stanley Darren Piro Lance Benneyworth Subbu Balakrishnan

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NAB (CoreLogic) Australian Housing Market Update - July 2024 Australian dwelling values rose 8% for the 2023/2024 financial year and a further 0.7% in June, the 17th consecutive month of growth. The mid-sized capitals continued to lead the pace of growth, with Perth home values up 2.0% in June, Adelaide rising 1.7% and Brisbane up 1.2%.

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Same story ... different bank ANZ's recent scandal mirrors the infamous NAB debacle of 2004—two decades later, and it’s clear the financial services industry hasn’t fully addressed these issues. Despite oversight from the likes of ASIC and APRA, these events continue, exposing a persistent failure in fostering a "speak up" culture. Prioritizing profit over people remains a major barrier to real change. Back in 2004, NAB’s fallout saw the Chair, CEO, and CRO step down, but fixing these cultural and ethical failings has dragged on far too long. ANZ’s 39,000 employees deserve better leadership, or history will keep repeating itself. Read the following The Age article and tell me what you think. #culture #business #banking #leadership #history https://lnkd.in/gg3Ga7eE

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NAB welcomes the Future Made in Australia package announced as part of the Federal Budget. The right government incentives are going to be critical in attracting the significant capital needed to transition, and secure Australia’s long term economic prosperity in a decarbonised world.    As David Gall says in his discussion with Richard Gluyas, as always, the devil will be in the detail here. A strength of the USA’s Inflation Reduction Act has been the clarity it affords investors in how they qualify for either development or production tax credits. Therefore, here on home soil, it will be important for the Future in Australia package be backed in by the right fiscal policies. To secure capital, investors will need to have confidence that Australian transition projects are secure investments for the long term. Nevertheless, this is a step forward in Australia’s transition to net zero, and the economic upside we know is on the table if we can get it right. https://lnkd.in/gtrjx-iY

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Some worrying stats here around Vulnerability and Hardship "Mortgage holders have been falling behind on repayments at higher levels, with proportionally 40 per cent more accounts one or more repayments behind this year" "Car loan accounts have shown the greatest amount of credit stress since January 2022, with proportionally 42 per cent more accounts falling into arrears on average in 2024." Quick and accurate data solutions are now available to identify and manage distressed customers #datainsights #cdr https://lnkd.in/gyvr4jqx

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The ANZ Corelogic Housing Affordability report has confirmed there has been a rise in apartment demand as housing affordability continued to decline nationally. The numbers are staggering with Perth, Adelaide and Brisbane having seen dwelling values increase by more than 65 per cent since March 2020. Renter unaffordability and subsequent financial stress are becoming an unwelcome norm for more and more Australians. Download the full report here: https://lnkd.in/gsJmhKRn Thanks for the fantastic work of CoreLogic Australia ANZ Eliza Owen Madeline Dunk Richard Yetsenga Tim Lawless. And thanks to Eliza for giving a sneak peek of this data at the PowerHousing Australia conference. The reasons to focus on how we bring more housing supply to market have never been clearer. Michelle Gegenhuber Kate Colvin Francesca Muskovic Mike Zorbas Wendy Hayhurst Alexandra Waldren Kevin Corbally Mark Whelan Shayne Elliott Amanda Schultz Claudia Filer Lucille Keen Brett Murphy

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The People & Planet Report 2024 delves into the evolving role of customer-owned banks in today’s lending market. Discover how Beyond Bank Australia, P&N Bank and People First Bank, through their community-first approach, are transforming the financial landscape. Download the free report to explore the key findings today: https://bit.ly/4cTuRXV #BrokerPulse #PeopleandPlanet #MutualBanks #MortgageBrokers

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The People & Planet Report 2024 delves into the evolving role of customer-owned banks in today’s lending market. Discover how Beyond Bank Australia, P&N Bank and People First Bank, through their community-first approach, are transforming the financial landscape. Download the free report to explore the key findings today: https://bit.ly/4cTuRXV #BrokerPulse #PeopleandPlanet #MutualBanks #MortgageBrokers

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NAB (CoreLogic) Australian Housing Market Update: November 2024 Nationally, dwelling values rose a further 0.3% in October, the 21st month of growth since the cycle commenced in February last year however as we approach the end of the year, there are signs the housing market is losing momentum and conditions are becoming more diverse from region to region.

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NAB (CoreLogic) Australian Housing Market Update - August 2024 National dwelling values rose +0.5% in July, consistent with June and the 18th consecutive monthly increase in values nationally. While the headline growth rate remains positive, it is clear momentum is leaving the cycle and conditions are becoming more diverse. #residentialproperty #property #housing

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