Australia-based mortgage aggregator Finsure has partnered with Open Banking provider Frollo and lending technology provider NextGen to enable Open Banking access for its brokers. Following the partnership with the two companies, Finsure now offers its brokers access to the Open Banking-powered Financial Passport, to gather customer data for use in the loan application process.

The solution is integrated into the broker workflow via NextGen’s ApplyOnline, reportedly reducing the time brokers spend on reconciliation and processing applications, according to the official press release. Finsure mortgage brokers reportedly are the first to use the Trusted Advisor model under the Consumer Data Right (CDR), providing professions that include mortgage brokers, access to Open Banking data without additional accreditation. As an Australian mortgage aggregation group that has over 2,500 brokers nationally, Finsure’s launch reportedly demonstrates the potential of the Trusted Advisor model to produce real improvements in productivity and efficiency to the mortgage application process, the press release states.

What Finsure, Frollo, NextGen think about the partnership According to the CEO of Finsure, Open Banking could solve the problem of data inconsistency and provide transparency across the entire applicant lifecycle. The initiative enables Finsure to build into its CRM platform comprehensive data insight models, which reportedly help brokers make more informed decisions. Open Banking also allows all parties involved in the transaction to leverage the same data set, which can reduce rework and facilitate earlier decisions in the home loan process.

Using Open Banking data can allow Finsure to provide unique insights into customer behaviour, assisting brokers in making the right decisions. The collaboration between the three companies is an example of how an end-to-end integrated solution can potentially bring significant benefits to brokers and consumers. By directly integrating the Financial Passport in the existing broker workflow in NextGen’s ApplyOnline platform, brokers can use the feature to improve the mortgage application process for them and their customers, the press release continues.

Australia-based Frollo, through its CEO, highlights the significance of this announcement. He stated that the Trusted Advisor model might be the CDR access model with the most potential to drive Open Banking adoption in Australia. Furthermore, NextGen’s Chief Customer Officer believes that there is an opportunity to improve the mortgage application process with Open Banking data when NextGen acquired Frollo in 2021.

Since then, NextGen declares that it has worked closely with Frollo to develop a solution to help brokers and lenders save time and deliver more value to their customers. The Open Banking-powered Financial Passport has Finsure as its initial launch partner and starting with 2023, all Australia-based mortgage brokers will have access to this solution when using NextGen’s ApplyOnline software. .