What Open Banking means to a customer

What Open Banking means to a customer

For a customer, it mainly means control and convenience with their financial data.

Key points

• Customers can give permission for their bank data to be shared with lenders, brokers, or apps.
• The data shared may include:

• Account balances
• Transaction history
• Loan details
• They can turn the access on or off at any time.

Benefits for customers

Faster loan applications
Instead of uploading bank statements, they can share data instantly.

Better product comparisons
Apps or brokers can analyse their finances and find better deals.

Easier switching between banks
Financial data can move securely between institutions.

More personalised lending offers
Lenders can assess affordability more accurately.

Example:
A borrower applying for a mortgage can authorise their bank to share 12 months of transactions instantly, rather than downloading statements.

What Open Banking means to a broker

For Mortgage Broker it improves data access and efficiency.

Key impacts

• Faster verification
• Brokers can obtain bank transaction data instantly (with consent).
• Reduces manual statement collection and analysis.
• Better servicing calculations
• Real transaction data helps assess:
• Income
• Expenses
• Liabilities
• Spending behaviour
• Faster loan approvals
• Data can flow directly into lender systems.
• Some lenders can do automated income and expense analysis

• Reduced fraud risk
• Data comes directly from the bank (not altered PDFs).

Example workflow for a broker:

1. Client consents to data sharing.
2. Broker accesses transaction data through an accredited platform.
3. Data feeds into servicing calculators or lender assessment tools.

This can significantly speed up loan processing through brokers.

Simple summary

“Open Banking lets you securely share your bank data with us so we can verify your income and expenses without needing bank statements. It makes the loan process faster and more accurate, and you can revoke access anytime.”

• Customer: controls their data and can share it to get better financial services.
• Broker: gets faster, more reliable financial data to process loans and recommendations.