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Finsure has officially made open banking data available to its brokers for use in loan applications, becoming the first aggregator to do so.
After partnering with open banking provider Frollo and lending technology provider NextGen, Finsure has officially launched its Financial Passport to its 2,500 broker members, enabling brokers to collect customer data for use in their loan application process.
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The solution, which was being used under a pilot last year, is fully integrated into the broker workflow through NextGen’s ApplyOnline.
If a consumer grants a Finsure broker (who has undergone relevant training) permission to access their Consumer Data Right information under the open banking regime (as part of the trusted adviser model), they will be able to view their income, expenses, assets and liabilities through the Financial Passport.
Finsure noted that this would not only reduce the time brokers spend on reconciliation and processing applications but also ensure that they’re using bank-verified data as “a single source of truth”, while providing better privacy protection for clients.
Finsure CEO Simon Bednar commented: “Open banking solves the problem of data inconsistency and provides transparency across the entire applicant lifecycle.
“It allows Finsure to build into our CRM platform comprehensive data insight models, which will help brokers make more informed decisions.
“It also allows all parties in the transaction to rely on the same data set, greatly reducing rework and facilitating earlier decisions in the home loan process.
“By consuming open banking data, we can provide unique insights into customer behaviour, assisting brokers in making the right decisions,” he said.
The move forms part of NextGen/Frollo’s open banking solution for the broker channel.
Speaking of the tech offering last year, Frollo chief executive officer Tony Thrassis said: “The trusted advisor model might be the CDR access model with the most potential to drive open banking adoption in Australia. So, we’re excited to be the first to integrate this new CDR model into a significant and meaningful customer journey for one of Australia’s largest mortgage broker groups.”
NextGen’s chief customer officer, Tony Carn, flagged that all mortgage brokers will have access to this solution when using NextGen’s ApplyOnline software.
Noting the launch of Finsure’s Financial Passport this week (16 January), he added: “[W]e’re launching the open banking-powered Financial Passport, with Finsure as our initial launch partner. As a leading mortgage aggregator and a true innovator, they bring the scale and expertise to make this a success.”
[Related: Open banking solution for brokers to launch next year]
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