Metrics Monthly turns one This month Metrics Monthly turns one year old and to celebrate we’re looking back at our top three favourite headline pieces from the past twelve months #3 Tap and go loans?
#2 Shiraz and Wagyu Beef Our January issue’s headline piece was about the impact of a loan affordability case - nicknamed the ‘Shiraz and Wagyu’ case - on UK lenders. CEO David Wylie dis- cussed how the case showed us that affordability was not clear cut, and that there are many other parts to consider and data sources to interrogate. David Wylie considers the impact of the recent “Shiraz and Wagyu case” on UK lenders. I’ll bet that’s a headline you never thought you would see. But believe it or not, this is a serious matter which lenders and regulators need to start considering when planning their affordability policy. In August, a loan affordability case - now dubbed the “Shiraz and Wagyu
The first of our top three articles is a thinkpiece by credit risk pro- fessional Andrew Tierney, who considers the potential for ‘tap and go’ loans as Open Banking opens up a new era of ultra-fast loan decisioning. Open Banking opens up a new era of ultra-fast and simple loan deci- sioning, says Andrew Tierney. We are all used to going into a store and using our mobile ‘phone to pay for purchases. ‘Tap and go’ has revolutionised our shop- ping experience. No more fiddling around with card readers and PIN numbers, or worse still dollars and cents, when all you have to do is wave your ‘phone. Transac- tions now take seconds instead of minutes. Who would have thought a few years back that by 2019 you’d be able to leave all your cash and your cards at home and go shop- ping with just your mobile phone?
case” - was heard in the Federal Court in Australia, brought by ASIC (the equivalent of the FCA in the UK) against Westpac of Australia, one of the country’s “big four” banks. ASIC alleged that Westpac breached responsible lending laws when assessing the suitability of 261,987 home loans for customers between December 2011 and March 2015, using its computer-operated loan approval system. They also claimed that Westpac relied solely on an expenses benchmark and did not take proper account of the custom- ers’ declared living expenses.
Read the full article in our January issue here.
For the full article, head over to our August issue by clicking here.
08 | Metrics Monthly
August 2020 | UK Edition
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