Wisr joins chorus in support for screen scraping
The neo-lender has applauded ASIC and ACCC’s endorsement over the use of screen scraping technologies adding their voice to overall industry support of the practice.
Large banks such as the Commonwealth Bank have consistently noted that they don’t support the practice of screen scraping.
However, in last week’s round of hearings at the Senate Select Committee on Financial Technology and Regulatory Technology, both regulators and industry bodies came out in support of the technology.
Despite expressing “disappointment” that screen scraping has been at the forefront of the public hearings, Rebecca Schot-Guppy, CEO at FinTech Australia noted its importance in the current landscape.
She added that once the consumer data right is implemented, this will eventually faze out need for companies to use screen scraping.
The day before, both ASIC and the ACC also signaled that they had no plans to ban the practice and instead the regulatory guidance RG209 on the role of screen scraping in responsible lending still stood.
According to Wisr COO Mathew Lu, the regulators’ stance helps eliminate the ‘grey’ area within the industry, “which some of the large incumbents have been attempting to exploit as a scare tactic to avoid having their customers move away to innovative new business models which are accelerating in pace in taking market share away from them”.
“We are very pleased that the regulators recognised, that to ban screen scraping, before the consumer data right has had the opportunity to mature, would not be in the best interests of the consumer,” Lu said.
“Wisr supports the use of screen scraping technologies through our platform and processes.”
He added that the government should move forward “with vigour to open up data access, as the CDR program has experienced continued delays and setbacks”.