With heightened risk in the construction sector, lenders are continuing to exercise greater caution, meticulously evaluating every aspect of a project before committing resources. Given the critical role of investment and finance in real estate and property development, a lack of funding or excessive cost-of-capital could spell doom for construction projects before they even clear the approval stage.
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Cleansing your customer data of deceased records improves data integrity and helps businesses mitigate legal and financial risks. As the new year approaches, it’s an ideal time to cleanse your database and ensure it contains accurate and up-to-date customer information.
Cost-of-living pressures have negatively impacted the financial ambitions of Australians, with 2 in 5 more stressed about their financial situation
As our industry works to improve confidence in construction, partnering with the right professionals is more critical than ever for developers. iCIRT rated developers and builders now represent over half of the residential market by value, putting those whose entire build team is iCIRT rated in a unique position of being able to showcase their trustworthy credentials.
While PEP, sanctions and adverse media screening are vital for customer due diligence, false positives create unnecessary delays and frustration. These inaccurate matches waste time and resources, slowing down onboarding and impacting the customer experience.
So, how can you optimise your screening process and minimise false positives?
Residential builders across Australia are choosing to distinguish themselves from high-risk and unscrupulous operators by seeking an iCIRT rating.
As we know, ‘trustworthiness’ is a crucial business asset. With the construction sector continuing to experience high insolvency rates, 4 in 5 Australians are concerned about construction quality, defects and insolvency risk.
Builders who have undergone the iCIRT assessment share three key reasons how an iCIRT rating has benefited their business:
Consumer trust in the construction sector continues to fall, with two-fifths of Aussies saying their perception of the industry has gotten worse over the past 12 months.
Equifax has been recognised as an ABA100 Winner for Business Innovation, Digital Transformation and Business Transformation in The Australian Business Awards 2024.
When it was announced in 2017 that the world’s most valuable resource is no longer oil but data, organisations were already leveraging data to manage credit risk, predict future trends, and unlock new revenue systems to drive business growth.
