Westpac customers land open banking home loan benefits

Westpac has rolled out open banking capabilities across all its brands, enabling home loan customers to shorten application times.

The major bank is now live with NextGen’s ApplyOnline feature will allow its mortgage brokers and clients access to open banking capabilities throughout Westpac, St.George, Bank of Melbourne and BankSA.

Digital Nation understands the data collection process can take up to four to nine minutes, compared to some banks averaging a timeframe of six days to receive bank statements from customers.

Warren Shaw, head of broker distribution at Westpac said, “Empowering our brokers and customers to auto-populate a range of critical data into applications leads to less rework and therefore, improved decision times.”

Tony Carn, chief customer officer at NextGen added, “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.”

"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," Carn said.