“The most important tool we use” – Vault Finance broker experience using NextGen’s Open Banking

We invited Mary Khatchadourian, a Broker and owner of Vault Finance to talk to us about her experience as an early adopter of NextGen’s Open Banking service.

Mary joined the program as part of the Finsure aggregator group launch of Open Banking in 2023 and has provided us with ongoing and insightful feedback on her experience which has helped a number of enhancements to the NextGen service for brokers and lenders alike.

As a technology enthusiast, Mary could see how the market was changing how important technology was becoming to brokers in driving business efficiencies while maintaining compliance and best interest duty for their clients.

“I’d gotten an email regarding a pilot and I’d heard of Open Banking so I jumped on it straightaway. I love technology and I knew this was going to be a game changer.”

Speaking about how Open Banking has become part of her business process she said:

“It’s a vital part of our business…Now it’s probably the most important tool we use.”

Open Banking is a Government-regulated, safe and secure way to share financial data. Open Banking improves the speed and accuracy of completing mortgage applications – driving a better experience for brokers, clients and lenders.

Mary had used other screen scraping based technology products prior to Open Banking, however they weren’t as secure, and given the recent security breaches and password leaks, privacy and security has become far more important for her clients and her business.

“It’s really important for technology to be safe. And although that piece of technology was good, It wasn’t as secure as NextGen’s Open Banking.”

It’s not just the safety and security that are better with Open Banking. For Mary, speed and accuracy are the biggest advantages of NextGen’s Open Banking.

“We won’t submit an application and get an email from the assessor saying, you missed a personal loan repayment or there’s private school fees. We see it all before it even gets to application, so it makes our lives much easier and the process much faster.”

NextGen provides the Open Banking service at no cost for brokers and clients as part of NextGen’s ApplyOnline loan application process with activated lenders and within activated aggregator CRM’s.

Watch the video interview with Mary below.