Standards needed as data becomes the new black: LIXI chair

The adoption of digital strategies, open banking and comprehensive credit reporting are among the long-term trends shaping the industry as data emerges as the new black.

This is the assessment of LIXI chair, CEO and Director of Choice Aggregation Services Stephen Moore.

Moore was speaking at the LIXI annual forum in Sydney on Wednesday. The association develops data message transaction standards for the Australian mortgage industry.

“Customers will now own their own data and customers will be able to share. More data is expected to flow right across the channels,” Moore said.

“Data management is becoming increasingly complex and hence a greater need for standards. Customers are also demanding that not only will their data be shared but that it needs to happen in a secure way. That is both an opportunity and a challenge to us all,” Moore said.

Moore also outlined a new vision for LIXI.

“It doesn’t change the direction of LIXI, rather the vision brings more clarity in the way the association is described which is: to enable seamless and innovative data exchange across the industry by providing world leading data standards, tools and education”.

According to Moore, he sees LIXI play a role as an enabler and as group that will ensure seamless data exchange.

“I am very conscious that has to occur right across the industry. We will have a role in raising data standards and with that knowledge comes responsibility.”

He called the industry to support the agenda. As without the adoption of data standard we are only going to have inefficiencies.”  

He also asked the industry to remain vigilant with adhering to current standards.

“If there is a need to move outside these standards, contact the organisation to discuss how to work through the solution.”

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