Brokers gain instant access to customers’ financial data from more than 110 participating lenders
Westpac has formed a partnership with NextGen to incorporate open banking technology into home loan applications for its various brands, including Westpac, St.George, Bank of Melbourne, and BankSA.
The technology enables applicants to securely share their financial details — such as bank statements and transaction histories — through a government-regulated channel.
Mortgage brokers will gain instant access to their customers’ financial data from more than 110 participating lenders, which is intended to expedite the early stages of the home loan process.
“Empowering our brokers and customers to auto populate a range of critical data into applications leads to less rework and therefore, improved decision times,” said Warren Shaw (pictured left), head of broker distribution at Westpac. “Not only is it simpler and faster for customers to share their data in this way, but it saves broker’s valuable time so they can focus on building relationships and growing their business.”
Tony Carn (pictured right), chief customer officer of NextGen, highlighted the mutual benefits of the arrangement, pointing to quicker loan approval times and increased security.
“It’s a win-win for both customers and brokers, with a faster approval time and the enhanced security and fraud protections of the government regulated Consumer Data Right (CDR) framework,” Carn said. “The fact that Westpac is making open banking available in ApplyOnline demonstrates their commitment to using the latest technology available to deliver a superior experience for both brokers and customers.”
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