Australia’s Finsure gives mortgage brokers Open Banking access powered by Frollo and NextGen

Finsure has become the first Australian mortgage aggregator to give brokers Open Banking access, in a partnership with Open Banking provider Frollo and lending technology provider NextGen.

Through the collaboration, Finsure’s more than 2,500 brokers across Australia will have access to the Open Banking-powered ‘Financial Passport’ to collect customer data for use in their loan application process.

Financial Passport uses bank-verified data as a single source of truth to provide brokers with insights into customers’ income, expenses, assets and liabilities.

The solution is entirely integrated into the broker workflow through NextGen’s ‘ApplyOnline’.

Simon Bednar, CEO of Finsure CEO, said that 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,” he added.

“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.”

Finsure’s brokers are the first to use the new Trusted Advisor model under the Consumer Data Right (CDR) in Australia, which gives certain professions, including mortgage brokers, access to Open Banking data without the need for additional accreditation.

Tony Thrassis, Frollo’s CEO, 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 said he recognised there was an opportunity to “streamline” the mortgage application process with Open Banking data when NextGen acquired Frollo two years ago.

“Today we’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,” Carn added.