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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Ashleigh is a typical credit-active, low-risk millennial. Loosely defined as the generation born between 1981 to 1996, this segment of potential borrowers presents significant opportunities for credit providers. Understanding the common characteristics of millennials is critical if lenders want to engage with, and successfully target products at this prime customer group.
Open Data was a hot topic at the Equifax global SPARK conference, held in Sydney on 10 September 2019. With consumer, account and transaction data due to become available from February 2020, there's much interest in the implementation of the Consumer Data Right in Australia.
Here are the top eight questions put to a leaders' panel that included Fred Schebesta of Finder, Damir Cuca of Basiq, Kari Mastropasqua of Equifax, James Bligh of Data 61 and Alex Ortner of Allens.
The latest statistics1 by the Australian Securities and Investment Commission (ASIC) reveal that the construction industry is a leading contributor to Australia’s rising rate of company defaults2 (EXADs). The impact of failed construction companies is especially noticeable in the eastern seaboard, where insolvencies increased in Victoria by 78%, Queensland by 41% and NSW by 7% for the September 2019 quarter (QoQ).
It’s famously said ‘experience is the teacher of all things’, so where better to turn to for open banking lessons than the UK. With open-banking regulations in force since early 2018, much can be drawn from the British financial services sector’s experience.
Equifax Quarterly Consumer Credit Demand Index: Sept 2019
Overall consumer credit applications down -9.87% (vs Sept quarter 2018)
Credit card applications declined by -12.41% (vs Sept quarter 2018) and personal loan applications dropped by -7.80% (vs Sept quarter 2018)
Mortgage enquiries increased by +2.01%, the first rise in nine consecutive quarters
Equifax Quarterly Business Credit Demand Index: Sept 2019
Overall business credit applications down -6.40% (vs Sept quarter 2018)
Growth in business loan applications up +3.34% (vs Sept quarter 2018), while trade credit applications fell -4.21% (vs Sept quarter 2018).
Asset finance applications declined -24.88% (vs September 2018).
From February 2020, Australia's new data-driven environment will change banking as we know it. The Consumer Data Right (CDR) has been legislated by the Government to give Australians greater control over their data.
Small businesses are the backbone of the Australian economy, accounting for well over 95% of all businesses and providing employment for around 4.7 million people. However, according to the Association of Certified Fraud Examiners (ACFE), small to medium businesses are the most common victims of fraud, losing almost twice as much per scheme than large corporations.
Smart decisions take many forms, but the best ones are usually those based on accurate and reliable analytics. The development of an Equifax solution for improving the accuracy and coverage of ANZSIC codes has improved the ability of SMEs to make decisions that can help increase profits and mitigate risk.
Corporate fraud is a challenge for organisations around the world. The rise in new technologies and sophistication of organised crime syndicates have created new opportunities for fraudsters, increasing the risk of serious financial loss and reputational damage to organisations, as well as impacting the many lives affected by the crime.
