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As revealed in NextGen’s 2025 Industry Insights Report, in partnership with Agile Market Intelligence, just 18 per cent of brokers are using open banking features on the company’s ApplyOnline platform.
This is a large disparity considering 94 per cent of brokers use ApplyOnline each month.
The reasons behind a lag in adoption are a reliance on legacy systems, said the report.
Around 64 per cent of brokers still use third-party tools like bank statements. Just 6 per cent have implemented NextGen’s open banking tools, while 61 per cent were unaware open banking was available in ApplyOnline.
Over three-quarters (76 per cent) of brokers primarily use screen-scraping technologies to source client data.
Half of the respondents use Quickli, 23 per cent utilise aggregator-provided software, and 16 per cent use CashDeck and FileInvite.
NextGen used the report to push the benefits of open banking.
“Brokers report faster access to data, better security, and more efficient workflows. With tools like Financial Passport, brokers can receive a client’s verified financial data in as little as eight minutes,” said NextGen.
“This enables more confident, data-driven conversations and quicker pre-approvals. Platforms such as Mercury Nexus are also embedding open banking capabilities, which reduces the need for insecure practices like password sharing, and supports compliance with consumer data right (CDR) regulations.”
Despite its underutilisation, NextGen is anticipating an uptick in adoption – with aggregators expanding support for the system, it is expected to “become a core part of mortgage operations.”
According to recent MFAA research, 34 per cent of brokers are planning to implement open banking in the near future.
In a bid to get more brokers to adopt this system, NextGen recently partnered with Connective.
The partnership delivered the Financial Passport, a secure and simple way for clients to share financial data with brokers.
This offering is available for the aggregator’s network of brokers, which enables faster pre-approvals and the safer transfer of client data through Mercury Nexus into ApplyOnline.
According to the report, 84 per cent of brokers trust NextGen’s digital tools, with trust rising to 92 per cent among larger businesses. Further, 70 per cent of users were satisfied with the platform.
The most popular features on the ApplyOnline platform were:
- eSign for electronic signatures (94 per cent used in the last 12 months).
- Documents management tab (91 per cent).
- NextGenID for electronic verification of identity for the applicants (91 per cent).
- Access Seeker Credit Report for identification and verification of liabilities with Equifax (60 per cent).
Despite the positive signs for open banking and ApplyOnline, there are challenges NextGen is looking to address.
When rating the experience, 12 per cent of brokers were dissatisfied with features offered, another 12 per cent were dissatisfied with reliability, and 13 per cent were unhappy with usability.
NextGen is looking to resolve issues with document management, support and training, and system inflexibility and limitations, taking on board broker feedback.
User suggested improvements such as application cloning and linking, validation overrides and notes, and real-time support.
There are 1,778 written feedback items and more than 500 detailed suggestions for improvement that have been read and analysed by NextGen.
“Their input has been a catalyst for change – and we’ve already begun actioning this feedback, collaborating directly with brokers to improve their experience through enhanced training, proactive communication, and product innovation,” said NextGen’s head of broker partnerships, Renee Blethyn.
[Related: NextGen partners with aggregator, launches open banking tech]
