Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

Experian acquires fintech to boost open data offering

Experian A/NZ has acquired an Australian fintech that analyses and categorises bank statements. 

Experian A/NZ has announced the purchase of three-year-old Australian fintech Look Who’s Charging (LWC) to improve its open data product offering.

The value of the sale was not disclosed. However, Andrew Black, managing director of Experian A/NZ, said the acquisition will combine Experian’s global open data solutions with LWCs capabilities, allowing the credit reporting and business analytics giant to provide companies with an aggregation and categorisation solution and granular insights to apply across the business.

According to Experian, LWC has solved the problem of unrecognised bank transactions by providing instant clarification of the merchant behind the transaction. LWCs data is integrated directly into multiple banks’ digital platforms, allowing card and bank statement transactions to be categorised and displayed “in an easy to understand way, in real time”.

“If a transaction is unable to be categorised accurately, it is often classed as ‘unknown’, which can result in decisions impacting consumers being based on limited data. This can have a big knock-on effect if, for example, banks are using one platform to help a customer understand their own income and expenditure, and another to decide what loan they can afford,” Mr Black said. 

Advertisement
Advertisement

PROMOTED FEATURES


The Experian A/NZ managing director added that the LWC integration will mean its customers will be able to “lend more responsibly, while enhancing their fraud checks and reducing their call centre traffic for unrecognised transaction queries, as well as ensuring consumers have a greater understanding of their financial situation.

According to the credit reporting giant, more than 1 billion transactions are categorised every month through LWCs platform.

Experian noted the timeliness of the deal, with the Consumer Data Right recently passing both houses of Parliament and the Australian banking sector transitioning to an open data environment as part of the open banking regime. 

“Bringing Look Who’s Charging and our innovative solutions together will help Australian organisations, and ultimately consumers, as open banking standards are adopted in Australia,” Ben Elliott, CEO of Experian APAC, commented.

Meanwhile, founder of Look Whos Charging Stuart Grover said the fintech will be able to take advantage of Experian’s scale. 

“We have an opportunity to help solve more of the immediate problems faced by Australian consumers and financial institutions, whilst the Look Whos Charging solution is also rolled out to other key markets around the world,” Mr Grover said. 

Find out more about how you can prepare for open banking and use customer data more effectively in The Adviser Live webcast for the Responsible lending series: How to harness your data to create a goldmine, run in partnership with Choice Aggregation.

[Related: Treasury opens consultation on CCR amendment]

Experian acquires fintech to boost open data offering
mortgagebusiness

Reporter

If you have any news, ideas or enquiries for Mortgage Business - please contact This email address is being protected from spambots. You need JavaScript enabled to view it.

Latest News

The Prime Minister has announced that the federal government will invest nearly $800 million to help businesses digitise, including developi...

Banks have welcomed the government’s proposed changes to the Credit Act, outlining that the change will “speed up the flow of credit” ...

The non-bank lender has completed its second RMBS transaction for 2020, with the underlying mortgage pool differing from the usual issuance....

FROM THE WEB
podcast

LATEST PODCAST: Responsibilities and responsible lending

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.