Harness the power of Open Banking
Improve the speed and accuracy of loan applications with an enhanced customer experience and increased security.
Secure data collection
Government-regulated Consumer Data Right (CDR) framework removes the need for manual document collection or screen scraping.
Faster loan approvals
Faster collection using real-time verified data sources enables Fastlane and automated approvals.
AI data enhancement
Transaction data categorisation and enhancement using the latest AI technology.
Real-time data validation
Validate application data upfront including assets, liabilities, and income.
Improve “Time to Yes” with increased data quality and security for a better customer experience
Explore Open Banking
NextGen enables mortgage brokers and lenders to use Open Banking to improve the speed and accuracy of completing and submitting loan applications, delivering a better experience for brokers and customers.
Our Open Banking solution delivers a seamless experience between the customer, broker and Accredited Data Holders (like banks) to securely request and receive customer consent, and then retrieve data. This all happens within a matter of minutes, and more importantly without customers having to share internet banking passwords.
Open Banking benefits through the lending journey
Customer consultation and lending readiness
NextGen Open Banking offers brokers a government-regulated and secure way to access rich data and insights. Gaining a more accurate and complete financial picture helps with assessing lending readiness, lender selection and speeds up completion of loan applications in ApplyOnline®.
CRM and ApplyOnline integration
Integrated with aggregator CRMs for upfront assessment with data connection to ApplyOnline.
Secure
Replaces non-secure screen scraping: Customers will never be asked for their online banking password. Reduces fraud risk and complements compliance processes and obligations.
Real-time bank statements
ACCC-approved bank statements with custom date ranges and data refresh in real-time. Detailed transaction analysis and insights.
Faster “Time to Yes”
Open Banking delivers the highest quality application data for assessment – customised to match each lender’s requirements.
Automated approvals
Verified data indicating Open Banking matched data delivers automated approvals for Fastlane processing.
Increase efficiency
Increase productivity of assessment teams with reduced MIRs and re-works.
Reduce fraud risk
The currency and authenticity of customer data is guaranteed with the government-regulated Consumer Data Right (CDR) framework.
AI-powered data verification
Access the latest AI-powered verification of application data.
Easy and secure
Open Banking makes it easier and more secure for you to collect financial data from your current banks or lenders (like bank statements, credit card and loan statements) and share with your mortgage broker.
Free
Provided free of charge for consumers.
Secure
Secure and government-regulated way to share your financial information, without having to share passwords, or email sensitive documents like bank statements.
Fast
Request and receive your bank statements and financial data from your banks in less than 8 minutes (median time for all users).
Control
With an easy to use dashboard, you control which accounts are shared with your broker, and for how long (usually 3, 6 or 12 months). You can also stop sharing data at any time with the click of a button.
Enable Open Banking today
Contact us now to learn more about how Open Banking can transform your business.
How Open Banking is transforming lending
VOICE OF THE BROKER
Vault Finance Broker experience using NextGen Open Banking
Mary Khatchadourian
Director and Broker at Vault Finance
VOICE OF THE BROKER
Open Banking and Non-conforming broking
Michelle Milsom-Wright
Principal at Lendwright Brokerage
Featured articles
Media release
Connective partners with NextGen to integrate open banking technology, enhancing financial data collection for brokers
Media release
Westpac streamlines home loan applications with NextGen Open Banking
Media release
NextGen supports Government “CDR Reset” – paving the way for increased adoption and reduced costs
Podcast
How open banking, AI, and the CDR Reset could impact brokers
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