Since its inception in the mortgage industry, LIXI has made
great progress in developing standards and providing a forum
for discussion. With the 2007 projects well underway we have
an opportunity to review member feedback and focus our thinking
on what comes after the current suite of standards.
The picture of a lending community where information flows
freely is advancing with the current point-to-point data flows,
but will take a leap forward when we change the implied nature
of the data as well as the delivery mechanisms.
In simple form, lodgement today starts with a loan writer
and ends with a lender. Looking forward, customer data could
be initiated at a financial planner, be added to by a loan
writer looking for a pre-approval, be negotiated interactively
with a sub-prime lender, resubmitted for formal approval, and
then modified prior to settlement. Cross-selling opportunities
at lodgement will see the data stream splitting at the lender
between two or more different divisions. Post-settlement, the
backchannel data stream could update the customer data with
the financial planner.
RSS data feeds similar to Web 2.0 blogs and newscasts could
be used for broadcasted information like product updates, with
recipients subscribing to the data feeds and the RSS reader
ensuring that the data stays synchronised. It’s early
days yet, but NICTA is already working with LIXI on an industry
architecture of subscription data feeds to replace website
logins and emails.
The post-settlement customer management scene will become
more responsive when transactional banking platforms can interact
freely with customer management tools. Post-settlement, anniversary
and end-of-term follow-ups, construction drawdowns, arrears
management, and discharge management all have opportunities
for improvement with off-board systems or out-sourced processing.
Lastly, LIXI is considering how to ensure the uniqueness
of identifiers when persistent information is shared between
multiple parties. One obvious solution would be for LIXI to
maintain identifier lists for some data types, starting with
a member code that can be included within each identifier,
allowing each member to maintain the uniqueness of their ID’s
without impinging on ID’s created by other members.
These ideas represent only a few of the thoughts that the
technical team have received from our members. The future of
LIXI lies in the services that we deliver to the members, driven
by member feedback and involvement in the working groups. We
look forward to sharing and discussing these ideas and more
between now and our next AGM.
