13-Sep-2018 • Corporate
Industry super fund-owned bank ME welcomes news the four big banks will sign on to Comprehensive Credit Reporting (CCR).
ME’s Chief Risk Officer, Carlo Cataldo, said the success of CCR relies on everyone sharing and today’s announcement means we’ll have the critical mass CCR needs.
“It’s understandable that some larger institutions have been reluctant to participate, given the competitive advantages access to data provides.
“But a successfully operating CCR will ultimately improve competition among banks and will have broader economic and consumer benefits.
“CCR helps all banks, including ME, provide better service to market segments, which were previously unavailable through limited access to data.
“For example, ME will be able to lend with greater certainty, reducing the costs of bad loans over the long term as well as enable better compliance with responsible lending obligations.”
“Customers will be the biggest beneficiaries of the new regime.
“Banks will have a better picture of customers’ credit worthiness because they’ll be able to assess them on good payment behaviour, not just bad.”
ME is working to participate in CCR as soon as possible, with the bank currently testing its data sharing capability.
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