Connective partners with NextGen to integrate open banking technology, enhancing financial data collection for brokers

Connective, Australia’s leading aggregator for mortgage, asset finance and commercial brokers, has launched the new Financial Passport within Mercury Nexus. Financial Passport, powered by NextGen and open banking is a secure, simple way for clients to share their financial data with brokers. Now accessible for Connective’s entire network of brokers, Financial Passport enables faster pre-approvals with the safe transfer of client data through Mercury Nexus and directly to ApplyOnline^®.

Chin Hui Yeo, Chief Technology Officer at Connective, emphasised the value of this partnership, stating, “Our collaboration with NextGen to bring this exciting feature to Connective brokers aligns with our commitment to equip brokers with innovative tools and technology. By offering brokers access to Financial Passport, enabled by open banking, we provide secure access to complete client data in real time, streamlining the approval process, and ultimately delivering greater value to clients”.

Virginia Stirling, Connective member and mortgage broker at Lomonti, shared her experience using Financial Passport: “We are very happy with the new Financial Passport feature in Mercury Nexus. It is so easy to use, and our clients have embraced it. It is simple to send the request to the client and the statements and summary information is stored in Mercury Nexus. It not only saves us time but also helps us ensure data integrity by obtaining bank statements through the secure system assisting with our compliance requirements.”

Key benefits:

• Security – Government regulated CDR (Consumer Data Right) framework avoids security and fraud risks from screen scraping technology that requires sharing of client internet banking passwords.
• Ease of use – Clients complete the data sharing process in under 8 minutes (median time), with brokers receiving bank account statements, financial summaries, and an Excel analysis tool.
• Data-driven conversations – Brokers are able to use AI-generated insights to discuss sensitive financial matters more effectively, like spending habits and debt management.
• Seamless integration – Works with ApplyOnline for prefilled applications, with brokers retaining full control over data sharing.
• Real-time data – Refresh financial data anytime, with options for full or summary statements.

NextGen, a leading provider of lending technology solutions, is committed to driving innovation in the finance industry by delivering seamless, secure, and data-driven tools that empower technology vendors, reseller partners and end-customers.

“We are excited to have worked so closely with Connective to bring the Financial Passport to their broker network,” said Tony Carn, Chief Customer Officer at NextGen. “With this implementation, we are empowering brokers to unlock the power of open banking, providing them with real-time insights and strengthening their ability to guide clients through the home loan application process.”

NextGen has been revolutionising the home loan application process with its open banking solutions, designed to enhance the capabilities of mortgage brokers in the industry. By leveraging the Financial Passport, Connective brokers will be better positioned to offer personalised recommendations to help their clients get fit for finance and deliver an enhanced customer experience.