PEXA QUARTERLY UPDATE Q3—2020
Net Promoter Score
0
0 -50
67
-50
50
Q3 2020 average
100
-100
65
0 50
Q2 2020 average
-50
100
-100
55
50
Q1 2020 average
100
Net Promoter Score (NPS), captured by our in-platform feedback tool, measures the willingness of members to recommend PEXA to others. NPS is rated on a scale between -100 and +100. A score of 50 is considered “excellent” and 70 is considered “world class”. PEXA has a stable NPS that fluctuates between 40-60, demonstrating consistent and impressive brand loyalty.
Member Feedback Positive “A big thank you to the [bank] for getting ready in such short notice. Many thanks.” — QLD firm “[The bank] were amazing getting this file ready, client wanted to settle early and the bank have processed very quickly.” — WA firm “[PEXA Key was] so easy to use, with the lockdown it was super hard to do things in person so app was so valuable.” — Consumer
Constructive “Inappropriate use of conversations, unprofessional language used.” — Financial Institution “I want an easier way to manage my PEXA Invoices” — PEXA member firm “Bank has not uploaded payout figure and signed off by the agreed settlement time.” — SA firm
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Enhancements PEXA Key — ‘Planning your move’ checklists now available for buyers and sellers “Advice & notifications helpful as 1st home buyers.” — Consumer “It was awesome to see all actions & check lists.” — Consumer Since the launch of the ‘Planning your move’ checklist for buyers - owner occupiers only - on 27 June, almost 2,000 buyers have used the checklist to assist with their big day. On the back of this positive feedback, we launched a ‘Planning your move’ checklist for sellers on 7 August 2020. This new checklist provides a helpful overview of pre-settlement tasks for sellers in one location, to be ticked off along the way.
PEXA Plus — digital contracts and self-serve invoices We love to hear suggestions from our members and recent feedback outlined the need to easily access invoices, both current and historic. In response to this, PEXA members are now able to access their invoices for Exchange and Marketplace transactions via PEXA Plus. Members simply enter a specific date range and select which invoices they’d like to retrieve. Additionally, on PEXA Plus, digital contracts were launched on 1 September for practitioners transacting in NSW. The RapidContracts solution provided by LawAdvisor, reinvents the e-contract experience with customisable templates and the ability to prepopulate searches purchased in PEXA Plus Marketplace. We are delighted to make this enhanced digital contract solution available for our members via PEXA Plus. So far, more than 300 contracts have been generated by PEXA members with plans to expand availability to other states underway. “I appreciate having more control over the data you enter in the Digital Contract versus our current solution and enjoy the ‘drop-and-drag’ feature when creating and using the Special Conditions functionality” — NSW firm
Initiatives PEXA is undertaking to improve member experience Enhanced Settlement Summary (ESS) — making financial settlement easier “It’s reducing the final changes on the day of settlement, which is currently the greatest challenge to Incoming Mortgagees.” — PEXA member financial institution, pilot participant “This gives us certainty that everyone is on the same page about the processes…any system that streamlines financial settlement, anything that saves time, is a benefit to us.” — PEXA member firm, pilot participant One of the most critical steps in the settlement process is ensuring the Financial Settlement Schedule (FSS) is balanced and correct, ahead of time. This is one of the biggest contributing factors to a successful on-time settlement. Leading up to settlement, late adjustments, unbalanced figures and last-minute Workspace conversations can all impact member experience on both sides of the transaction. In response to member feedback, we have developed an Enhanced Settlement Summary (ESS) that will provide a more intuitive experience for practitioners and financial institutions. The FSS will still exist, but a new Summary will assist with the calculations to populate it. Having piloted and tested it with industry over the past 12 months, to facilitate a smooth transition,
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the new functionality will be rolled in three gradual phases. We’re excited to share that the first stage of the rollout was launched on Monday 12 October 2020 in South Australia. For more information, click here.
Land Title Address Lookup — made easier On 5 October, populating an address on the PEXA Exchange land title screen became easier for all PEXA members. With this new address lookup feature, the address field automatically populates and refines as members type, allowing quick and easy searches for valid addresses without having to manually type in the full address.
Transfer Guidelines adherence — a state-by-state breakdown The Transfer Guidelines support PEXA members in completing smooth and timely transactions. A standard transfer requires the prompt completion of time-critical, inter-dependent tasks by all parties. For practitioners, a focus on lifting adherence at specific points of the transaction would innately allow for improvements by banks in timeliness of task completion – specifically Document Creation (G5) and Payment Directions (G17). As part of an active focus on reducing stress on settlement day and increasing the number of on-time settlements, the PEXA team is working closely with members, both practitioners and banks, to support them with their guideline adherence. See below for a state-by-state breakdown of G5 and G17 guideline adherence in Q3 2020.
VIC NSW QLD SA WA G5 Document Creation (IP)
G17 Payment Direction (IP)
G17 Payment Direction (POT)
Helping support the network Security | Protecting Australia’s property settlements Safeguarding Australia’s property transactions is our highest priority. With cybercrime costing Australian businesses $29 billion each year and email phishing attempts increasing exponentially since the onset of COVID-19, we are dedicated to supporting our members however we can to combat this threat, including the following activities. » Security Webinar – ask the experts On 7 October 2020, PEXA’s GM of IT Security, David Willett hosted a webinar devoted to cyber-security. NAB’s Head of Public/Private Partnerships (Acting), Enterprise Security, Laura Hartley and COO and Co-founder, Retrospect Labs, Ryan Janosevic joined “David, sharing their unique insights into the cyber-security landscape, providing tips on how to defend against these threats and answering attendee questions. Click here to view and share the recording.
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» Five things PEXA will never do To support our members while transacting online, we have published a useful security resource for all members, new or experienced, clearly defining the five things PEXA will never do when it comes to our members and their security while using the platform. Click here to read and share. » Unsupported software PEXA has thorough processes in place to monitor network security and as part of regular checks, we advise members on best practice when accessing PEXA through unsupported software such as Windows XP or older versions of Mac OS. On 19 August 2020, PEXA members using unsupported systems (excluding Windows 7) were advised that they would be denied access to PEXA until their systems were updated and secure – protecting their businesses and the network from potential threats. Windows 7 users will be advised of the same action in the coming weeks. Guidance from the Australian Cyber Security Centre (ACSC), recommends all organisations to upgrade their systems to Windows 10 to avoid hackers using vulnerabilities from Windows 7 to target them. Although the PEXA platform remains secure, unsupported software poses a wider risk to the industry. In addition, the PEXA Subscriber Security Policy requires members to maintain the security of computer systems and keep them up-to-date, including taking reasonable steps to install patches and operating system updates. » Subscriber Review Process (SRP) – additional support We’re pleased to announce the SRP process has recommenced as of July 2020 for all states, with the exception of Victoria, due to COVID-19 restrictions. To further assist our members to maintain compliance with the Model Participation Rules (MPR) set out by ARNECC and PEXA’s Subscriber Security Policy, we are providing additional guidance. During the SRP, our PEXA team will reach out to members to assist with practices and measures that can be undertaken to elevate compliance. This additional guidance will be provided at various stages via phone and email during the review process.
COVID-19 — supporting our members » Buy Local – partnering with Small Business Australia As a proud Australian company, we are committed to supporting our community and have partnered with Small Business Australia, joining the Buy Local movement. One of the key purposes of the Buy Local initiative is to provide small business owners access to resources, tools, advice and expense savings to sustain their businesses in line with the new demands of a COVID-19 economy. In fact, small businesses are already making impactful savings of up to $5,200 on things like power, internet, marketing etc. Many PEXA members are small-medium businesses and can set up a free account on the Small Business Australia website to have instant access to all of these benefits.
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Coming soon PEXA Wellness Hub — supporting our members We continue to support our members as we all adjust to the COVID-19 environment and as restrictions ease in each state. This includes supporting the wellbeing of our members and the broader community. Next month, we’re launching the PEXA Wellness Hub, a place for our community to access educational resources on general wellbeing and mental health. Stay tuned – you’ll hear more about this in coming weeks.
Digital settlements in the ACT — update Following the passing of electronic conveyancing legislation in the ACT earlier this year, PEXA commenced the process of onboarding members ahead of a prospective go-live. Our team, in collaboration with all of industry; representative bodies, financial institutions and Government are working to finalise an entry date in the very near future. Currently, we’re putting the last touches on our operating framework, in conjunction with the ACT Government, to ensure everything is ready on day one.
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