Finsure breaks new ground in Open Banking

Open Banking Frollo Finsure NextGen

Australian mortgage aggregator Finsure has announced it has become the first organisation to leverage Frollo’s newly launched Financial Passport service, giving brokers for the first time access to Open Banking data.

Through Financial Passport – Frollo’s whole-of-customer view and “single source of truth” platform, providing data on customers’ income, expenses, assets and liabilities made available through the Consumer Data Right (CDR) scheme – Finsure brokers will now be able tap client data to expedite their loan applications.

The three-way partnership also includes lendtech NextGen, which has worked to integrate Financial Passport data into its ApplyOnline solution, its popular online loans applications service used by dozens of financial institutions in Australia, including Finsure.

Follo said it expects “all mortgage brokers will have access to this solution when using NextGen’s ApplyOnline software” in the new year 2023.

By integrating the solution into the broker workflow, Frollo said it would “significantly [reduce] the time brokers spend on reconciliation and processing applications”.

Finsure chief executive Simon Bednar said the integrated, single source of truth solution would increase the consistency of applicant data and help fast-track mortgage applications.

“Open Banking solves the problem of data inconsistency and provides transparency across the entire applicant lifecycle.

“It allows Finsure to build into our CRM platform comprehensive data insight models, which will help brokers make more informed decisions.”

“It also allows all parties in the transaction to rely on the same data set, greatly reducing rework and facilitating earlier decisions in the home loan process.

“By consuming Open Banking data, we can provide unique insights into customer behaviour, assisting brokers in making the right decisions.”

Finsure said it is the first mortgage broker to use the Trusted Adviser model under the Consumer Data Right (CDR), providing selected professions, such as mortgage brokers, access to Open Banking data without additional accreditation (with a consumer’s permission already granted to the original data recipient).

The Trusted Adviser Model obviates the need for qualified organisations or individuals to receive CDR data recipient accreditation themselves, enabling consumers to share their data for services with third parties. Among these trusted advisers include qualified accountants, legal professionals, tax agents, financial advisers/planners, and mortgage brokers.

Finsure is among Australia’s largest mortgage aggregators with a network of 2,500 brokers nationally.