Yes it is, but CCR is more focused around technology rather than just taking a straight percentage of debt collection like Credit Corp. With a traditional you could just take 15 -20% of the collection to get revenue.
But when they referenced the Big 4 I am more thinking this will be more around a hardship solution rather than debt collection by text and will possibly just be straight licencing agreement ie say $800k per year rather than a user pays model of per use of platform.
With the fixed interest finishing for over 1 million customers there will be a huge strain on call centres to deal with individual situations. The reputational damage for unsympathetic banks will be great fodder for the media. And With the Big 4 having 80% of the mortgage market their turnkey solution could/will be the answer.
See below to see how ASIC dealt with a lender who was found in breach of hardship applications.
https://asic.gov.au/about-asic/news...nd-other-credit-act-breaches-during-covid-19/
So customers with financial hardship will use the CCR product to upload documents /evidence which can then be assessed on a case by case basis. The process will be trackable i.e. if a hardship application is not completed a follow up text/email can be sent to encourage finalisation of the hardship application.
It has been talked about extensively in the media (Mortgage cliff of Fixed interest) and allowing customers to take control of their situation and to self cure with a CCR hardship will take enormous strain of call centres.
Just imagine if their was 50000 - 100000 customers contacting call centres wanting to discuss their financial situation and how they are are unable to cope with increased mortgage repayments after coming off fixed interest.
I can see why the Big 4 would be in discussions with CCR.
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