Banks eye more data from credit reporting reforms

Australian banks are responding positively to a parliamentary proposal that could provide them with more data to the financial status of potential customers to determine.
The federal government has proposed comprehensive credit reporting, which enable financial services for more information about customers' credit habits good and bad parts to introduce.
Financial services sector of Australia currently uses a 'negative' credit reporting system, where credit reporting agencies store information about customers who default on their loans.
Representatives of Westpac and ING Direct told the AB + F Retail Financial Services Forum this week that larger institutions in Australia already extensive information about their own behavior of the customer saved, but that information was not shared.
As such, they do not expect the proposed legislation to come up with a great technical challenges, and welcomes the opportunity to develop new, shared data to improve their risk calculations.
"With the extensive reporting and additional data we are going to get, we have all the data fields for our own customers," Westpac chief risk officer David Malcolm said in a panel discussion.
"[New comprehensive reporting data will be used] basically where we make decisions for other customers, or what is keeping them with other institutions.
"I think we have much more data to process. It's really not the size of the data of interest, it's how you use it in the best possible way.
"How do you make it accessible so that when you try to do an extraction layer and the data warehouse, months, [it is not to take] to get and use?
"It's how fast you have it, how can you use it on a real-time basis if you need to make a decision to approve a transaction ... or on a monthly basis to a regulatory work to do. "
The panelists hoped that the additional information that the cost of reducing risk, reduce bad debts and possible approval to increase by providing more information about "credit invisible".
ING Direct chief risk officer Bart Hellemans highlighted new Zealand development of comprehensive credit reporting system that organizations in different sectors included.
"They just do not stay within that [financial market] ... they have chosen to non-traditional providers of credit among other things," says Hellemans, noting that such a provision was not included in the proposed Australian reform .
"These are services such as telecommunications, energy and power. These data are very important [for] growing the pie, the market growth of available consumers.
"We can credit these invisible that do not qualify [for loans] under the existing credit reporting regime by application of these other data about how people pay their mobile phone bills, paying for energy."
Data integrity and privacy aspects
The panelists stressed the importance of accurate data with individuals' creditworthiness tend to their business plans and the ability to take out mortgages influence.
Steve Brown, director of consumer services reporting agency Dun & Bradstreet, described the current Australian 'negative' reporting system as a 'ruthless' one for all Australians from difficult periods in their lives.
"Ultimately, that [new legislation] should allow us, in early 2014, starting with the sharing of positive data - information about how customers actually make to current commitments and what kind of commitments they have," he said.

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