Data sharing to transform expense verification

Speaking on a panel at the ASIC Annual Forum earlier this month, Reinventure co-founder and managing director Danny Gilligan said that, over the coming years, any customer experience will be increasingly informed by data.

“Our view is that the data economy has the potential to be as significant as the financial services sector itself over the next two decades,” Mr Gilligan said.

“From a banking point of view, it’s going to mean data services like credit bureaus, income verification, expense verification, fraud, risk – all of those areas can be materially transformed either by access to data from other industry sectors or by collaborating in data sharing within the sector to solve the problems that can’t be solved today.”

Mr Gilligan believes that there isn’t a layer within the banking industry that can’t be materially improved through collaboration of data sharing within the industry or access to data across industry borders.

In addition to improving the overall customers experience, technology and data are also being used to improve compliance. For example, in mortgage lending, a new artificial intelligence-based engine has recently been launched to help brokers and lenders meet responsible lending requirements.

Earlier this month, Opica Group launched its RELIE platform to enable brokers and lenders to perform a “RelieCheck” that could prove they had done the adequate checks into expenses and the consumer’s ability to service the loan.

[Related: Open banking to 'revolutionise' the industry]