Celebrating Beyond Bank Australia: First-Party Open Banking

Beyond Bank Australia has brought Open Banking into its branch and mobile lending network, and since go-live more than 150 of their front-line lending teams have used it to make applying for a loan simpler for their members.

A first for Australian banking

Beyond Bank had already activated Open Banking in the broker channel, and is now the first branch-based lender to offer it in the first-party channel. Branch and mobile lenders can send members a consent request during their appointment, and verified financial data flows straight into the application.

For Chief Operating Officer Wendy den Hartog, the real win is the member experience. “It just shows how important it is, not just from a staff perspective when they’re loading an application, but for the member experience, which is front of mind for us,” she said.

Less chasing, more conversations

Close to 500 applications have already come through with Open Banking. For Beyond Bank lenders, that means no more asking members to send documents back and forth, and far fewer follow-up calls to explain that the wrong statement arrived.

“At the end of the day, anything that makes things easier for our lenders and easier for our members is a much better outcome,” said Sophie Scott Young, Beyond Bank’s Chief Member Banking Officer. “The bankers themselves are singing its praises.”

The early numbers

Mike Ponsonby, Head of Lender Partnerships, NextGen, shared what NextGen has seen since go-live. More than 65% of eligible staff have used the service, a strong result given how hard it can be to change behaviours with anything new. Nearly 40% of first party applications are now supported by Open Banking.

On home loans, members consent and share their financial information within four hours on average, where that could previously take two weeks of follow-up. Applications then reach credit assessment within 24 hours, and home loans supported by Open Banking are being approved 50% faster.

Watch the celebration

Catch the highlights from the day and hear from the Beyond Bank team about what Open Banking has changed in branch.

Looking forward

We’re proud of this partnership built on trust and collaboration with Beyond Bank to drive better outcomes, and look forward to continuing to help their lenders deliver a simpler, faster lending experience for members.