Group seeks to accelerate loan approvals
Connective, an aggregator for mortgage, asset finance, and commercial brokers, has introduced the Financial Passport feature within its Mercury Nexus platform, offering a secure and efficient way for clients to share financial data with brokers.
Financial Passport facilitates faster pre-approvals by allowing the secure transfer of client financial information from Mercury Nexus directly to ApplyOnline. Powered by lending technology provider NextGen and supported by open banking, the tool is now available to Connective’s entire broker network.
“Our collaboration with NextGen bringing this exciting feature to Connective brokers aligns with our commitment to equip brokers with innovative tools and technology,” said Chin Hui Yeo (pictured above left), chief technology officer at Connective.
“By offering brokers access to Financial Passport, enabled by open banking, we provide secure access to complete client data in real time, streamlining the approval process, and ultimately delivering greater value to clients.”
Financial Passport operates under the government-regulated Consumer Data Right (CDR) framework, which eliminates security and fraud risks linked to screen scraping technologies that require client banking passwords.
The data-sharing process is user friendly, with clients able to complete it in less than eight minutes on average. Brokers then receive bank statements, financial summaries, and an Excel-based analysis tool.
The platform also enables brokers to engage in more insightful discussions with clients by providing AI-generated insights into sensitive financial topics, such as spending patterns and debt management.
In addition, Financial Passport integrates seamlessly with ApplyOnline for prefilled applications, ensuring brokers retain full control over data sharing. Real-time updates are available, allowing brokers to refresh client financial data as needed, with access to either full or summary statements.
“We are excited to have worked so closely with Connective to bring the Financial Passport to their broker network,” said Tony Carn (pictured above right), chief customer officer at NextGen.
“With this implementation, we are empowering brokers to unlock the power of open banking, providing them with real-time insights and strengthening their ability to guide clients through the home loan application process.”
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