Commercial credit demand improving, but small business owners continue to bear the brunt of difficult market conditions
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Equifax celebrates ten years with the release of the National Credit Managers Survey 2021 results
Every year from 2011 to 2021, Equifax has solicited the views of credit managers around Australia to gain insight into credit risk management practices, sentiments and trends. A decade of data provides a unique perspective of the past, the present, and the future of credit management in Australia. Here, we look at where the industry is heading and how it has transformed, including the impact of COVID-19.
Digitalisation is driving innovation in many areas of credit evaluation, and credit scoring is no exception.
Data availability is exploding, consumer expectations are rising, and analytic capabilities are rapidly advancing. It's a heady mix that is bringing about transformational improvement to the accuracy of credit scores.
Equifax has been recognised as an ABA100 Winner in The Australian Business Awards 2021 for Product Innovation and New Product Innovation for Equifax One Score.
Many a credit officer wishes they could stop SME customer drop-offs during the loan acquisition process. Many a bank customer service rep craves to avoid badgering their customers for financial paperwork that they have neither the time nor inclination to gather.
There are some updates coming to the Document Verification Service (DVS) and the Commonwealth electoral roll that may impact how you use IDMatrix.
Equifax, the global data, analytics and technology company, has announced a partnership with leading HR and Payroll software provider Frontier Software. A first in the Australian market, the partnership will enable Frontier Software and its customers to streamline the employment income verification process and mitigate data handling risks in loan applications with automated employment income verification.
Employers need to find ways to meet the shifting expectations of their employees for better work-life balance. Critical to the employee value proposition is creating a humanised employee experience that recognises and respects that work and life experiences are intertwined.
Rebound now hit by Pandemic Second-Wave
For the first time in three years, consumer credit demand has moved out of negative territory. According to the latest Quarterly Consumer Credit Demand Index (June 2021), demand recovered sharply in the June quarter (+29.1%), with applications for credit cards, Buy Now Pay Later (BNPL), personal loans, auto loans and mortgages all experiencing double-digit growth. A drop in the momentum of recovery is expected in the third quarter, with stay-at-home pandemic orders impacting around 10 million Australians
Q2 2021 figures show double-digit growth in business credit demand, with solid gains across all categories of credit, according to the latest Equifax Quarterly Business Credit Demand Index (June 2021). Sustaining this pace of recovery into the third quarter is now under question as second-wave pandemic lockdowns show signs of dampening credit demand in NSW and Victoria.
