BANKING ROYAL COMMISSION IMPACT & FINANCE OXYGEN SURVEY RESULTS
Andrew Palmer, 21 March 2019
BANKING ROYAL COMMISSION IMPACT
With the recent Banking Royal Commission now concluded I am writing to inform you how I feel this is going to impact our market.
The fact is, at this stage, there has been no immediate impact as the equipment finance sector was not implicated in anyway in the Royal Commission’s findings, however for the finance industry as a whole there will undoubtedly be some effect.
Following are a few areas where we see there being an impact:
1. Clarity of Contracts. Similar to the Unfair Contracts Legislation which took effect in November 2016, we see further changes to T&C’s to provide clearer responsibilities for all parties.
2. No Grey Areas. There will be a greater focus on making sure the way contracts are structured are clear to customers and there is no room for interpretation/ambiguity.
3. Increase in customer consideration. Banks will be more understanding especially of small businesses when they are experiencing financial trouble, hardship or disputes.
4. KYC – Know Your Customer. There will be more focus on making sure we know and confirmed who the customers and signatories are.
As yet, nothing has been changed or enforced on these issues, and if there are any changes rest assured SER will let you know with as much possible notice.
FINANCE OXYGEN SURVEY RESULTS
In other news SER has had Finance Oxygen live externally now for almost 3 months and recent survey responses provided wonderful feedback, some examples include:
– Good to find deals approaching termination to look for potential upgrade opportunities.
– Whole portfolio in your pocket the whole time.
– Smoother Process. Minimises back and forth communication.
– Good to be able to quote on the fly.
– Pushing for finance is a priority so when we can give a client an instant approval it makes a world of difference.
More importantly like with any new purpose built software there has been minor bugs like multiple texts being sent (which has already been fixed) and various suggested improvements have also been actioned.
If you haven’t seen Finance Oxygen in action yet please contact Cane on 02 9882 8000 or email here or your Account Manager to arrange a demonstration.
General Manager, S.E. Rentals
S.E. Rentals are the finance as a service specialists that will help you grow your business by providing finance solutions in an 'all things technology' future. We provide you with the flexibility, scalability and agility to help you achieve your Managed Service objectives, and our unique in-house software platform, Finance Oxygen, automates the process for you