{"id":2338,"date":"2019-02-15T10:56:15","date_gmt":"2019-02-14T23:56:15","guid":{"rendered":"https:\/\/basiq.io\/?p=2338"},"modified":"2023-11-29T02:28:22","modified_gmt":"2023-11-29T02:28:22","slug":"banking-royal-commission-auto-finance","status":"publish","type":"post","link":"https:\/\/www.basiq.io\/blog\/banking-royal-commission-auto-finance\/","title":{"rendered":"How the banking royal commission will affect the auto-financing industry"},"content":{"rendered":"\n<p class=\"eplus-wrapper wp-block-paragraph\">The recent release of the banking royal commission\u2019s interim report has highlighted that responsible lending practices need to be extended to the auto-finance industry.<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">The implications of this for entities making car loans is significant as KPMG estimates <strong>93% of all car sales are currently arranged through finance<\/strong>, many of which have fallen short of responsible lending provisions.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading eplus-wrapper\">According to the report <strong>it is not enough to use &#8216;likelihood of default&#8217; as a measure of loan suitability.<\/strong><\/h2>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">Prior to making an assessment on whether a loan is suitable, the licensee must now take a number of steps to ensure responsible lending provisions are met.<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">These necessary steps include:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote eplus-wrapper is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><em>&#8220;making reasonable inquiries about the consumer\u2019s requirements and objectives in relation to the credit contract;<\/em> <em>making reasonable inquiries about the consumer\u2019s financial situation; and<\/em> <em>taking reasonable steps to verify the consumer\u2019s financial situation.&#8221;<\/em><\/p>\n<\/blockquote>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">The third step is particularly important as customers can easily make false or misleading statements about their financial position.<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">Whilst lenders in the auto-finance industry have taken some steps in verifying an applicant\u2019s income the same has not been done for their expenditure.<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">Instead they have relied on the Household Expenditure Measure (HEM) despite the fact that the commission found \u201c<strong>three out of four households spend more on discretionary basics than is allowed in HEM<\/strong>.\u201d<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">The commission has suggested that<strong> an applicant\u2019s bank accounts and actual transaction data offer a source of income and expense verification far superior to HEM<\/strong> and other estimates.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading eplus-wrapper\">So how can lenders acquire and use this data to verify an applicant\u2019s financial situation?<\/h2>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">With the open banking regime set to be phased in from July, customers will be able to make their banking data available to service providers of their choice. This offers a significant opportunity in helping to solve the issue of responsible lending as it provides access to real time and historical data.<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">Basiq is an open banking platform that ensures<strong> more efficient and responsible lending based on an applicant&#8217;s actual bank transaction data.<\/strong><\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">This can be done via Basiq&#8217;s Affordability report which provides a full view of a customer&#8217;s financial position by combing and categorising their expenses, income, assets and liabilities across financial institutions into one single view.<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">This offers a more <strong>accurate, time and cost effective alternative to manual credit decisioning<\/strong> whilst ensuring that the commission recommended steps for responsible lending are being met.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\"><strong>For more on how Basiq&#8217;s Affordability can help with better credit decisioning <a href=\"https:\/\/www.basiq.io\/contact\/\" data-type=\"link\" data-id=\"https:\/\/www.basiq.io\/contact\/\">get in touch<\/a> with the team today.<\/strong><\/p>\n\n\n\r\n<div class=\"accordion accordion--simple js-scroll-animation\" id=\"accordion\" data-aos=\"child\">\r\n\t<div class=\"accordion-item\">\r\n\t\t<div class=\"accordion-title\">\r\n\t\t\t<h5>\r\n\t\t\t\tArticle Sources\t\t\t<\/h5>\r\n\t\t<\/div><!-- \/.accordion-title -->\r\n\r\n\t\t<div class=\"accordion-header\" id=\"accordion-heading-article-sources6a6dc5460d70f\">\r\n\t\t\t<button\r\n\t\t\tclass=\"accordion-button collapsed\"\r\n\t\t\ttype=\"button\"\r\n\t\t\tdata-bs-toggle=\"collapse\"\r\n\t\t\tdata-bs-target=\"#accordion-article-sources6a6dc5460d70f\"\r\n\t\t\taria-expanded=\"false\"\r\n\t\t\taria-controls=\"accordion-article-sources6a6dc5460d70f\">\r\n\t\t\t\t<strong>\r\n\t\t\t\t\tArticle Sources\t\t\t\t<\/strong>\r\n\r\n\t\t\t\t<strong>\r\n\t\t\t\t\t<span>\r\n\t\t\t\t\t\tRead more\t\t\t\t\t<\/span>\r\n\r\n\t\t\t\t\t<span>\r\n\t\t\t\t\t\tRead less\t\t\t\t\t<\/span>\r\n\t\t\t\t<\/strong>\r\n\t\t\t<\/button>\r\n\t\t<\/div><!-- \/.accordion-header -->\r\n\r\n\t\t<div\r\n\t\t\tid=\"accordion-article-sources6a6dc5460d70f\"\r\n\t\t\tclass=\"accordion-collapse collapse\"\r\n\t\t\taria-labelledby=\"accordion-heading-article-sources6a6dc5460d70f\"\r\n\t\t\tdata-bs-parent=\"#accordion\"\r\n\t\t>\r\n\t\t\t<p>Basiq mandates its writers to leverage primary sources such as internal data, industry research, white papers, and government data for their content. They also consult with industry professionals for added insights. Rigorous research, review, and fact-checking processes are employed to uphold accuracy and ethical standards, while valuing reader engagement and adopting inclusive language. Continuous updates are made to reflect current financial technology trends. You can delve into the principles we adhere to for ensuring reliable, actionable content in our <a href=\"http:\/\/docs.basiq.io\/en\/articles\/8461896-basiq-s-editorial-policy\" target=\"_blank\" rel=\"noopener\">editorial policy<\/a>.<\/p>\n\t\t<\/div><!-- \/.accordion-collapse -->\r\n\t<\/div><!-- \/.accordion-item -->\r\n<\/div><!-- \/.accordion -->\r\n","protected":false},"excerpt":{"rendered":"<p>The recent release of the banking royal commission\u2019s interim report has highlighted that responsible lending practices need to be extended to the auto-finance industry. Open banking provides a potential avenue to help solve for this.<\/p>\n","protected":false},"author":38,"featured_media":13718,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-basiq-insights"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How the banking royal commission will affect the auto-financing industry | Open Banking API Platform - Basiq<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.basiq.io\/blog\/banking-royal-commission-auto-finance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How the banking royal commission will affect the auto-financing industry | Open Banking API Platform - Basiq\" \/>\n<meta property=\"og:description\" content=\"The recent release of the banking royal commission\u2019s interim report has highlighted that responsible lending practices need to be extended to the auto-finance industry. 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