Australian Finsure brokers gain access to open banking data

Australian mortgage aggregator Finsure said its brokers are the first in the country to be able to access open banking data in a "trusted adviser" capacity.

The federal government introduced changes to the consumer data right (CDR) in February last year, which enabled customers to share data with ‘trusted advisers’, via an accredited data recipient.

Customers can nominate certain advisors: they can be "lawyers, accountants, financial advisers, tax agents and mortgage brokers", according to government documentation.

Finsure claims it is the "first Australian mortgage aggregator" to use the trusted advisor model.

The trusted advisor model enables these professionals to access to open banking data, with customer consent, but without additional government accreditation.

The fintech will provide its 2500 national brokers access to NextGen's Financial Passport, which creates a full overview of a customer's financial standing when applying for a home loan. The passport runs on Frollo technology.

It will also able to be integrated into the broker application portal through NextGen’s ApplyOnline, which AMP Bank adopted last year when building out IP verifications.

“Open banking solves the problem of data inconsistency and provides transparency across the entire applicant lifecycle," Finsure CEO Simon Bednar said in a statement.

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

Frollo CEO Tony Thrassis said the trusted adviser “model might be the CDR access model with the most potential to drive open banking adoption in Australia”.