ProductCloud’s Post

Weekly ADI Product Changes Report Monday July 8th to Sunday, 14th July, 2024 – Powered by ProductCloud.   There was a decent 41% increase to the overall number of changes this week with a massive increase of 130% in volume of Residential Mortgage changes. 472 Product Changes: 449 Updates / 23 New or Decommissioned. - 284 Changes to Residential Mortgages - 66 Change to Transactions & Savings Accounts - 65 Changes to Term Deposits   Organisational Numbers: Throughout the week, a total of 30 organisations made notable adjustments to their services, reflecting week over week decrease of 13 ADI’s making changes to their products. In this week's report, we observe that 10 organisations have implemented 14 or more changes, as detailed below. Top Performers: Bank First emerged as the leader this week, implementing 143 changes to their products, followed by First Option Bank with 68 adjustments, then Australian Mutual Bank Ltd with 56 changes and BankWAW slightly behind them with 39 changes.   Please contact ProductCloud to discuss this or more detailed Open Banking Product Reference Data. #openbanking #product #bank #banking #data #cdr

Weekly ADI Product Changes Report Monday July 1st to Sunday, 7th July, 2024 – Powered by ProductCloud.   There was a decent 41% increase to the overall number of changes this week with a decrease of 30% in volume of Residential Mortgage changes which is rather unusual as these changes usually are the predominant source of change in the industry. 370 Product Changes: 322 Updates / 322 New or Decommissioned. - 123 Changes to Residential Mortgages - 65 Change to Transactions & Savings Accounts - 49 Changes to Term Deposits   Organisational Numbers: Throughout the week, a total of 43 organisations made notable adjustments to their services, reflecting week over week increase of 17 ADI’s making changes to their products. In this week's report, we observe that 10 organisations have implemented 10 or more changes, as detailed below. Top Performers: First Option Bank emerged as the leader this week, implementing 52 changes to their products, followed by Bank Australia with 44 adjustments, then CommBank Business and Institutional with 25 changes and IMB Bank slightly behind them with 23 changes.   Please contact ProductCloud to discuss this or more detailed Open Banking Product Reference Data. #openbanking #product #bank #banking #data #cdr

Weekly ADI Product Changes Report Monday June 3rd to Sunday, 9th June, 2024 – Powered by ProductCloud.   Following a pretty insignificant week with a minor amount of changes, the industry decided kick it back up a notch just before the Kings Birthday long weekend with a 68% increase in product changes. There was a substantial increase in Residential Mortgage product changes on top of a general increase across the board. 425 Product Changes: 380 Updates / 45 New or Decommissioned. - 146 Changes to Residential Mortgages - 39 Change to Transactions & Savings Accounts - 30 Changes to Term Deposits   Organisational Numbers: Throughout the week, a total of 39 organisations made notable adjustments to their services, reflecting week over week increase of 10 ADI’s making changes to their products. In this week's report, we observe that 12 organisations have implemented 12 or more changes, as detailed below. Top Performers: Bank First emerged as the leader this week, implementing 77 changes to their products, followed closely by Macquarie Credit Union with 73 adjustments, then Australian Mutual Bank Ltd and BankWAW with 36 and 35  changes respectively and QBANK slightly behind them with 23 changes.   Please contact ProductCloud to discuss this or more detailed Open Banking Product Reference Data. #openbanking #product #bank #banking #data #cdr

The Daily Tally ADI Product Changes for the week of Monday the 26th of February through Sunday the 3rd of March 2024 – Powered by ProductCloud. There were an atypical number of changes to Term Deposits this week where the total number was nearly equal to that of the number of Residential mortgage changes. There still seems to be a steady amount of new and decommissioned products occurring, it is likely the banks are using this lull period between significant rate changes to keep their products up to date and making them more contemporary by revamping their portfolios. 374 Product Changes – 348 Updates / 10 New / 16 Decommissioned.  - 129 Changes to Residential Mortgages  - 109 Change to Term Deposits - 37 Changes to Transactions & Savings Accounts Throughout the week, a total of 46 organisations made notable adjustments to their services, reflecting a week-over-week increase of 10 organisations. In this week's report, we observe that 10 organizations have implemented 10 or more changes, as detailed below. We saw that this week there weren’t many major players regarding changes, there were a high volume of organisations that made a minor amount of changes. Please contact ProductCloud to discuss this or more detailed Open Banking Product Reference Data. #openbanking #product #bank #banking #data #cdr

Weekly ADI Product Changes Report Monday May 13th to Sunday, 19th May, 2024 – Powered by ProductCloud.   There was an increase in non-Residential Mortgage product changes this week but nothing particularly out of the ordinary. 474 Product Changes: 407 Updates / 67 New or Decommissioned. - 200 Changes to Residential Mortgages - 92 Change to Term Deposits - 61 Changes to Transactions & Savings Accounts   Organisational Numbers: Throughout the week, a total of 39 organisations made notable adjustments to their services, reflecting week over week increase of 6 ADI’s making changes to their products. In this week's report, we observe that 14 organisations have implemented 10 or more changes, as detailed below. Top Performers: Hume Bank emerged as the leader this week, implementing a substantial 86 changes to their products, followed by Woolworths Team Bank with 44 adjustments and CommBank Business and Institutional with 44 changes.   Please contact ProductCloud to discuss this or more detailed Open Banking Product Reference Data. #openbanking #product #bank #banking #data #cdr

Weekly ADI Product Changes Report Monday April 29th to Sunday, 5th May, 2024 – Powered by ProductCloud.   Residential Mortgages continue to dominate the total number of changes, this week there weren’t many new or decommissioned products but there was a major uptick in changes for products that weren’t Residential mortgages, bolstering the overall numbers. 400 Product Changes: 384 Updates / 16 New or Decommissioned. - 219 Changes to Residential Mortgages - 63 Change to Term Deposits - 52 Changes to Transactions & Savings Accounts   Organisational Numbers: Throughout the week, a total of 47 organisations made notable adjustments to their services, reflecting week over week increase of 12 ADI’s making changes to their products. In this week's report, we observe that 14 organisations have implemented 10 or more changes, as detailed below. Top Performers: Greater Bank emerged as the leader this week, implementing a substantial 55 changes to their products, followed closely by Bank Australia  with 51 adjustments and QBANK with 34 changes.   Please contact ProductCloud to discuss this or more detailed Open Banking Product Reference Data. #openbanking #product #bank #banking #data #cdr

The Daily Tally ADI Product Changes for the week of Monday the 22nd of January through Sunday the 28th of January 2024 – Powered by ProductCloud. Banks had a busier week than last, largely due to rate changes causing a high amount of modifications to Residential Mortgage products. 351 Product Changes – 334 Updates / 12 New / 5 Decommissioned. - 268 Changes to Residential Mortgages - 24 Change to Transactions & Savings Accounts - 14 Changes to Credit & Charge Cards Throughout the week, a total of 27 organisations made notable adjustments to their services, reflecting a week-over-week decrease of 6 organisations. In this week's report, 9 organisations have implemented 12 or more changes, as detailed below. Please contact ProductCloud to discuss this or more detailed Open Banking Product Reference Data. #openbanking #product #bank #banking #data #cdr

Our 3Q results showed strong execution towards our Equifax 2025 strategic priorities in a challenging mortgage market … with 3Q revenue of $1.32 billion up 6.5% in local currency. Importantly, our non-mortgage businesses, which are over 80% of EFX revenue, were up a strong 11% in local currency. We delivered a record NPI Vitality Index of 15% that is well above our 10% LT goal as we drive innovation and new products leveraging our differentiated data and new Cloud capabilities. We also completed the acquisition of Boa Vista Serviços which will expand EFX capabilities in the large and fast-growing Brazilian market, and made strong progress towards completing the #EFXCloud in our USIS and International business units. We are on offense and energized about the NewEFX that will deliver higher growth, expanded margins and free cash flow in the future. #NewEFX https://lnkd.in/gXsHd8hY

At the Mortgage & Finance Association of Australia (MFAA) Conference today, the focus was firmly on the future and how the mortgage industry should face it head on and embrace its possibilities or risk missing out. On a panel on the efficiencies offered by technology, Renee Blethyn, NextGen's Head of Broker Partnerships, spoke about #openbanking and its role in the home loan journey. Renee also announced an exciting new enhancement to NextGen’s Open Banking solution that uses AI to deliver better value and insights to brokers. "This new income verification capability represents a significant leap forward in how we use Open Banking data," Blethyn stated. "It's another time-saving tool to assist mortgage brokers, making the process faster and more accurate than ever before". #MFAAConference #HelloFuture #mortgagebrokers #technology #digitaltool #makelendingeasy #nextgen

Evolving customer expectations, changing demographics, and increased competition (particularly from FinTechs) have put pressure on consumer banks to rethink their mortgage lending platforms — but modernizing your lending has the potential to be so much more than just a customer incentive. Read EY’s recent article by my colleagues Aditya Swaminathan and Dan Thain on how transforming your lending platform creates an opportunity to drive long-term sustainability, efficiency, and growth for your bank: https://lnkd.in/eDYHw7-S #consumerbanking #BankingTransformation