Westpac has partnered with NextGen to give mortgage brokers and their customers open banking benefits for home loan applications. The agreement covers all brands, namely Westpac, St George, Bank of Melbourne and BankSA.
The technology allows home loan applicants to share their current financial information, such as bank statements and transaction histories, with their broker through open banking’s secure and government-regulated channel.
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In turn, brokers receive instant and secure access to a customer’s financial data from over 110 participating lenders. This speeds up the initial stages of the home application 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. 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,” said Warren Shaw, Head of Broker Distribution at Westpac.
Tony Carn, Chief Customer Officer at NextGen, added: “It’s a win-win for both customers and brokers. [It means] faster approval time and the enhanced security and fraud protections of the government regulated Consumer Data Right (CDR) framework.
“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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By GlobalDataLast year, Westpac ramped up its support for open banking by investing in Kiwi fintech Akahu. Specifically, Westpac’s Red Bird Ventures corporate venture capital fund, led a $1.4m investment round into Akahu. alongside co-investors K1W1 and NZ7 Investments.
As well as the investment, the partnership provides the bank with valuable insight to support Westpac’s design and delivery of open banking solutions.
