With more than a dozen data supply projects under our belt, we have consistently observed five steps a lender should undertake to achieve success. Find out what those steps are to get your business started on the CCR journey.
Having supplied comprehensive data, your organisation is poised to reap the benefits of CCR data consumption. These benefits may include the opportunity to grow your portfolio, to offer a better customer experience or to meet your compliance requirements.
This paper looks at the steps that a credit provider needs to consider to successfully introduce CCR data into their applications process to realise benefits.
The originations process is complex and requires strong change management disciplines. To implement CCR, credit providers will need to work through a series of steps to set business objectives and determine the right time to participate.
For CUA, Australia’s largest member-owned financial services provider, deciding to implement CCR was in large part about paving the way for other mutual banks and member-owned financial institutions to do the same.
"Under CCR, we will know more about our customers’ credit histories and financial habits, and will be able to use that knowledge to help them make better credit decisions," said Scott North, CUA Chief Risk Officer.