How Open Banking will transform credit application and approval processing

How Open Banking can be a driver of accurate and real time credit information


Consistent data sets received from all banking institutions


Receive data in near real-time to assess credit in seconds


Safety and security of customer data is enhanced through the CDR

accessing secure and reliable financial data to drive better and faster decisions

A smoother and more streamlined experience for both lenders and customers


Instant verification of income and financial history  Income can be instantly verified using CDR data, rather than having to contact the place of employment, request for the verification, and wait for the turnaround date. Not only can lenders get a clear overview of how much and how steady the customers' earnings are, but they can also receive forecasting of cash flow and real-time transaction data. That way, lenders don't have to turn away from customers who in actuality have the potential in qualifying for a loan based on correct credit assessment. 

An enhanced customer experience  With Open Banking the process for applying for credit is streamlined and timeframes for an outcomes for the customer are reduced. Rather than having to find and submit a raft of different documents — bank statements, policy reports, account details, etcetera—with the granting of consent a customer can give a lender fast and easy access. 

Reduced errors. With reducing the number of forms customers complete there is a reduction in the chance of errors. For example, a credit card authorisation form with a typo can add days to the application process.

Reduced risk. Open Banking data is accurate and highly secure as it is shared through the highly regulated CDR ecosystem. 

Meet Steve

Steve wants A CAR LOAN

He goes online to a non-bank lender site and starts completing the online application form, but feels overwhelmed by the process. He is not sure of his current expenses, and as a casual worker his income isn't stable from week to week so he is unsure how to answer the income questions as well. 

He completes the online application form to the best of his ability and hits send, hoping for a fast response, he is surprised he hasn't heard back after two days. 

He is finally contacted by the non-bank lended, but rather than an outcome they ask for additional information.

Steve starts thinking....surely there is a better way for a company to get an accurate picture of my expenses and income and provide a faster turnaround time on my lending application?


the open banking solution

Access to all financial data at the click of the button

lenders could
  • Aggregate income and expenses for their customers across multiple institutions
  • Pre populate application forms with income and expense information to make it as easy as possible for their customers
  • Ongoing maintenance of the loan, with cross selling options to more suitable products as the profile of their customers change


Why would this be valuable?

Customers would no longer have to collate expense and income information themselves creating a seamless customer experience and lenders would feel secure in the validity of the data. 


Interested in more ways that Open Banking can be applied to different industries? 

Check out our report on 25 Ways That The Consumer Data Right Can Create Smoother and Smarter Customer Experiences

Learn More



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