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Businesses collect and process vast amounts of data, and often overlook the importance of ensuring the data is accurate, reliable, relevant, complete, consistent and timely. For a data-critical sector like insurance, the process of cleaning data to fix inaccuracies, incomplete, duplicate or wrongly formatted records holds valuable benefits.
Read moreOpen 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.
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.
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.
Test for bias in your artificial intelligence. Then learn how to work towards the fairest outcome for your customers.
The downturn in the Australian automotive industry is expected to last into 2020. A motor industry overview presented by Deloitte at the recent Equifax Automotive Finance Forum painted a stark picture of declining car sales and an industry heavily reliant on income from bonuses and Finance & Insurance
Q2 2019 insolvency statistics show a 15% increase compared with the previous quarter.
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Fraudulent account opening is a global problem that continues to rise. In Australia, there has been a rise in the number of fraudulent attempts to open transaction bank accounts by money mules, as well as efforts to use stolen identities to open accounts.