Beyond Bank Australia and lending technology provider NextGen have introduced open banking into the bank’s branch-based lending process, making it available in the first-party channel.
The change follows Beyond Bank’s earlier use of Open Banking in the broker channel and now brings the same function to its retail branch network.
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In practice, branch lenders can send a digital consent request to a customer during an appointment.
The customer can then approve the secure transfer of financial information, including assets, liabilities, income and spending details held with Beyond Bank or other financial institutions.
NextGen lender partnerships head Mike Ponsonby said: “Beyond Bank has been a standout innovator in Open Banking since day one.
“Extending Open Banking into the branch channel is a genuine first for Australia’s retail lending market. The data quality and speed improvements we’re seeing industry-wide confirm that this is not just a better process — it’s a fundamentally better outcome for customers and lenders alike. We’re proud to power this next chapter for Beyond Bank.”
That information is then collected and inserted into a new loan application within minutes.
The change also affects credit and operations teams handling applications after lodgement.
Verified data now replaces a number of manual checks carried out across multiple screens, reducing the time needed for some assessment tasks from days to minutes.
Beyond Bank has now enabled open banking in both its broker and branch channels.
Beyond Bank Australia chief operating officer Den Hartog Wendy said: “Open banking has already demonstrated its value in the broker market, and we are proud to be the first branch-based lender to bring this capability to our retail network.
“This is about putting our customers in control of their own data and making the lending process as simple and transparent as possible. Our branch lenders can now have richer, more informed conversations — and customers can get answers faster.”
Their partnership began in June 2022 and led to the implementation of an end-to-end lending solution across channels.
In 2023, NextGen delivered an mortgage origination and assessment experience for both first and third-party channels.
