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Mortgage Choice has begun integrating NextGen’s open banking tool into its home application process.
As of February 2025, there were 1,078 brokers working in the Mortgage Choice network. This latest partnership will help turn around the lack of adoption of open banking technologies.
As recently reported by Broker Daily, a NextGen survey revealed that 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.
NextGen’s open banking tool, the Frollo Financial Passport, will now be available in Mortgage Choice’s proprietary loan origination system, Broker Platform.
Nicole Devine, general manager product in REA Group’s financial services business, said the real-time insights will help streamline processes and allow for more client-facing time.
“Integrating open banking into our loan application processes benefits brokers by giving them a detailed view of their customers’ financial information in real time. Integrating the Frollo Financial Passport makes it easier for brokers to submit their customers’ application and supporting documentation to lenders,” said Devine.
“The additional insights the financial passport gives brokers means they will spend less time chasing clients for their financial information, leaving more time for connection and education.”
Further to benefiting brokers, the improved experience is expected to make things faster and easier for consumers as it minimises the burden of sharing data.
“Open banking also brings greater transparency to the home loan process. It gives consumers a secure way to share sensitive, private data. Consumers are in control of their data, and can nominate their Mortgage Choice broker as their ‘trusted adviser’ in relation to the Consumer Data Right for a period of 3, 6 or 12 months. They can withdraw consent at a time of their choosing,” said Devine.
This latest partnership is part of REA Group’s “tech roadmap”, in which the organisation looks to integrate systems to benefit both brokers and consumers.
NextGen has been partnering with various organisations lately in a bid to expand its ApplyOnline adoption.
Recently, the tech provider partnered with Connective to provide Financial Passport access to the aggregator’s network of brokers.
NextGen also partnered with RedZed to offer brokers the option of electronic lodgements for residential applications via ApplyOnline.
[Related: Open banking underutilised by brokers]
