PEXA QUARTERLY UPDATE Q4—2020
Net Promoter Score
0 -50
-100
64
0
0 50
Q4 2020 average
-50
100
-100
67
-50
50
Q3 2020 average
100
-100
65
50
Q2 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 "Everyone did what they needed to do so the matter settled on time :).” — NSW member firm "It’s [PEXA Key] is an excellent app" — QLD member firm “Smooth painless transaction" — NSW member firm
Constructive “A suggestion for bank's on pexa; could they please accept Pexa invites ASAP?” — SA member firm “Victorian practitioners are unable to lodge Transmission Applications in the same workspace as a Transfer. Would prefer to do so.” — VIC member firm “My settlement program does not easily connect to PEXA. Can you arrange for training to enter the payments manually?” — WA member firm
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Enhancements PEXA Key – new opt-in feature for Subscriber Managers “I like how it’s set up, the box is ticked by default, I can simply untick it if at the time of workspace creation, I don’t have the client’s mobile or email.” — VIC member firm While phishing attacks remain the most common method used by cyber actors, sending PEXA Key invitations to buyers and sellers for the secure communication of account details has never been easier. The latest PEXA Exchange upgrade allows Subscriber Managers to streamline their organisation's PEXA Key invitations. When this new feature is enabled, the PEXA Key check box under Party Details will be selected by default for all future Workspaces, removing an additional step and ensuring PEXA Key is more seamlessly built into the settlement process. Learn more. “Love the security features of providing bank details, clients find it easy to use and makes transactions easy.” — NSW member firm
Initiatives PEXA is undertaking to improve member experience Enhanced Settlement Summary (ESS) – making financial settlement easier “PEXA is a pleasure to transact on; the new FSS [ESS] has made it transparent and easy to balance; banks are working better; practitioners are working better. I love PEXA!” — SA member firm “Having used the new balancing tool for a few months now, it’s proving to be a massive asset. Better communication with banks and other practitioners means that we are spending less time waiting for updates and watching workspaces prior to settlement.” — WA member firm On 12 October 2020, the ESS was launched in South Australia. Organisations in other jurisdictions could also opt-in to use it, providing a more intuitive settlement experience for practitioners and financial institutions. Feedback from members has been exceptional, and as we continue to develop the ESS and release it throughout other states, these insights will be pivotal to its continued evolution. This year we will continue to progress the roll-out of the ESS, aiming to further streamline the process and improve the experience for everyone. For more information, click here.
Transfer Guidelines adherence – a state-by-state breakdown The Transfer Guidelines support PEXA members to complete smooth and timely transactions. A standard transfer requires the swift 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 Q4 2020.
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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. Cybercrime costs Australian businesses $29 billion each year. With this in mind, we are dedicated to supporting our members to combat this threat which includes PEXA Key and the following activities. » Security 101 resource In support of our members and the broader property industry, our expert security team has developed a Security 101 resource. It contains an overview of the current industry security climate, how to navigate phishing scams, common scenarios identified by the community and general tips and tricks. Shared with PEXA member firms in December 2020, the guide can be downloaded here. » Unsupported software Security is our number one priority at PEXA and maintaining minimum standards across the network is key to ensuring settlements remain safe for members and their clients. Although the PEXA Exchange platform remains secure, the use of outdated software, that no longer receives vital patches and updates, poses a wider risk to the industry. Our PEXA Subscriber Security policy, in place to help safeguard industry, states that PEXA users are required to access the platform from a supported operating system. In line with this, from November 2020, members using Windows 7, an unsupported operating system, had their PEXA access temporarily restricted unless and until they upgrade. We’re happy to share that, since then, we've proactively assisted approximately 300 Subscribers with transitioning to a supported operating system, ensuring the ongoing safety of our Subscribers and the extended community. » PEXA security updates — subscribe now PEXA members and the broader community can now subscribe to our security page on the e-Conveyancing Community. This resource is a direct link to our security team. By subscribing, members will receive timely updates when PEXA security announcements or new resources are added to the page. When logged in, simply click ‘Options” in the top right-hand corner and follow the prompts from there. » Subscriber Review Process (SRP) — recommencing February 2020 The SRP was on hold over the holiday period and will recommence in February 2021.
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COVID-19 — supporting our members » Wellness hub We’re delighted to announce the launch of our wellness hub. This is a free online resource for our community to access educational materials on general wellbeing and mental health. As we all continue to navigate the COVID-19 environment and as restrictions fluidly shift in various states, we hope the wellness hub can go some way in supporting our members during this time. You can visit the wellness hub here, and feel free to share it with your friends, colleagues and loved ones.
Coming soon Help Centre — new and improved Early this year, we will be launching a new help centre for our members, with a view to retire the current help centre hosted on the e-Conveyancing Community in due course. This new resource will provide our members with a more streamlined, self-service knowledge base. Before its launch, we will be testing the solution with various members across all active e-Conveyancing states. Watch this space for more.
PEXA Key — send invitations when creating source line item Another exciting enhancement in the PEXA Exchange will allow members to send their clients PEXA Key invitations via the ‘Add Source Financial Line Item’ page. This will increase visibility and streamline sending PEXA Key invitations even more. Members will be able to send invitations from this page on the PEXA Exchange if: • A party has been created or edited in the participants screen; and • The PEXA source account is being used for funds. Stay tuned for more on this in the coming months.
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