NextGen unveils AI income detection solution at MFAA Conference

NextGen, the leading technology provider to the lending industry, has today unveiled a groundbreaking income detection feature within their Open Banking solution at the Mortgage and Finance Association of Australia (MFAA) National Conference in Melbourne. The innovation leverages powerful AI models to transform complex sets of information into easy-to-understand metrics to help assess income.

Available as part of the Frollo Financial Passport ‘Insights Report’, the new feature introduces ‘income regularity scores’ for applicants. The scores measure the consistency and stability of an applicant’s employment income streams across three dimensions; amount consistency, payment regularity and payment longevity.

Renee Blethyn, NextGen’s Head of Broker Partnerships, announced the feature during a technology panel at the Conference. “This new income verification capability represents a significant leap forward in how we use Open Banking data,” Blethyn stated. “It’s another time saving tool to assist mortgage brokers, making the process faster and more accurate than ever before”.

NextGen’s Open Banking solution leverages CDR data to provide mortgage brokers with comprehensive financial insights on their clients for home loan applications. This addition positions NextGen as the first in the market to offer income detection and verification specifically tailored for home loan applications. Through its partnership with Frollo, the solution delivers market-leading accuracy in income assessment.

Blethyn emphasised the broader implications of this technology: “By simplifying the income verification process, we’re not just saving time for brokers and lenders. We’re ultimately improving the home loan application experience for countless Australian consumers. This is about making the dream of homeownership more accessible through smarter, faster processes”.