Australian firm Finsure is set to become the first Australian mortgage aggregator to turn on open banking access for its brokers.
In a partnership with open banking provider Frollo and lending technology provider NextGen, Finsure now provides its brokers access to the open banking-powered Financial Passport, to collect customer data for use in their loan application process.
The solution is completely integrated into the broker workflow through NextGen’s ApplyOnline, reducing the time brokers spend on reconciliation and processing applications.
The Financial Passport provides Finsure brokers with a complete financial picture of their clients, using bank-verified data as a single source of truth. It includes a view of customers’ income, expenses, assets and liabilities.
Finsure CEO Simon Bednar said, “Open banking solves the problem of data inconsistency and provides transparency across the entire application 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.”
Frollo CEO Tony Thrassis added, “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.”
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