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Westpac has announced it has partnered with NextGen to give mortgage brokers and their customers the benefits of Open Banking for home loan applications across all brands – 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. In turn, brokers receive instant and secure access to a customer’s financial data from over 110 participating lenders, speeding 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.” Warren Shaw, Head of Broker Distribution at Westpac said.
Tony Carn, Chief Customer Officer at NextGen said “It’s a win-win for both customers and brokers, with a 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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