Let’s jsut say ASIC dont believe responsible lending can be done automatically,
see nimble who are class leaders, they had a automated process and had to move to manually assess every loan, caused huge issues.
I think that it can be done but it’s a big job to develop a system. It’s not easy. Also a lot of their demographic withdraw all benefits as cash so that’s not easy either to do automated.
It‘s not a easy fix. If the banks, all major payday/lease providers have all breached the law, I imagine these guys won’t nail it either, atleast without massive customer conversion losses
Let’s jsut say ASIC dont believe responsible lending can be done...
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