Australia-based mortgage aggregator Finsure has partnered with Open Banking provider Frollo and lending technology provider NextGen to enable access to Open Banking for its brokers.

Australia-based mortgage aggregator Finsure has partnered with Frollo and lending technology provider NextGen for open banking access for brokers.

Following the partnership with the two companies, Finsure now offers its brokers access to the Financial Passport powered by Open Banking, to collect customer data to use in the loan application process. The solution is integrated into the broker’s workflow through NextGen’s ApplyOnline, reportedly reducing the time brokers spend reconciling and processing requests, according to the official press release.

Finsure Mortgage Brokers are reportedly the first to use the Trusted Advisor model under the Consumer Data Right (CDR), providing professions including Mortgage Brokers access to Open Banking data without additional accreditation. As an Australian mortgage aggregation group with over 2,500 brokers nationwide, the launch of Finsure demonstrates the potential of the Trusted Advisor model to deliver real improvements in the productivity and efficiency of the mortgage application process, the statement from press.

What Finsure, Frollo, NextGen think about the partnership

According to Finsure’s CEO, Open Banking could solve the problem of data inconsistency and provide transparency throughout the applicant lifecycle. The initiative allows Finsure to embed comprehensive data insight models into its CRM platform, which are supposed to help brokers make more informed decisions. Open Banking also allows all parties involved in the transaction to take advantage of the same data set, which can reduce rework and make decisions earlier in the home loan process easier. The use of Open Banking data may allow Finsure to provide unique insights into customer behavior, helping brokers make the right decisions.

The collaboration between the three companies is an example of how an integrated end-to-end solution can generate significant benefits for brokers and consumers. By directly integrating Financial Passport into existing broker workflows on NextGen’s ApplyOnline platform, brokers can use the feature to improve the mortgage application process for themselves and their clients, the press release continues.

Australia-based Frollo, through its CEO, highlights the importance of this announcement. He said the Trusted Advisor model could be the CDR access model with the most potential to drive Open Banking adoption in Australia. In addition, NextGen’s Director of Customer Service believes there is an opportunity to improve the mortgage application process with Open Banking data when NextGen acquired Frollo in 2021. Since then, NextGen states that it has worked closely with Frollo to develop a solution to help brokers and lenders. Save time and offer more value to your customers.

The financial passport powered by Open Banking has Finsure as its initial launch partner and from 2023 all Australian-based mortgage brokers will have access to this solution when using NextGen’s ApplyOnline software.