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Connective and NextGen have announced a partnership to deliver the new Financial Passport to the aggregator’s network of brokers, which enables faster pre-approvals and the safer transfer of client data through Mercury Nexus into ApplyOnline.
The Financial Passport utilises the government-regulated CDR framework to avoid security and fraud risks from screen scraping technology and only requires around eight minutes of the client’s time to complete the data-sharing process with brokers receiving financial summaries, bank statements, and an Excel analysis tool.
Additionally, it allows brokers the ability to use AI-generated insights to discuss sensitive financial matters, such as spending habits and debt management, while working with ApplyOnline prefilled applications and allowing brokers to retain full control over data sharing.
Tony Carn, chief customer officer at NextGen, said: “We are excited to have worked so closely with Connective to bring the Financial Passport to their broker network.
“With this implementation, we are empowering brokers to unlock the power of open banking, providing them with real-time insights and strengthening their ability to guide clients through the home loan application process.”
Highlighting the value of the partnership, chief technology officer at Connective, Chin Hui Yeo, said that the collaboration aligns with the aggregator’s commitment to “equip brokers with innovative tools and technology”.
“By offering brokers access to Financial Passport, enabled by open banking, we provide secure access to complete client data in real time, streamlining the approval process, and ultimately delivering greater value to clients,” Yeo said.
Mortgage broker at Lomonti and Connective member, Virginia Stirling, commented on her experience using the Financial Passport: “We are very happy with the new Financial Passport feature in Mercury Nexus. It is so easy to use, and our clients have embraced it.
“It is simple to send the request to the client and the statements and summary information is stored in Mercury Nexus.
“It not only saves us time but also helps us ensure data integrity by obtaining bank statements through the secure system assisting with our compliance requirements.”
The Financial Passport is just one of the many new pieces of tech hitting the broker space over the last few months.
Another recent example of this can be seen with the announcement of HAILO, a one-page home loan application by LoanOptions.ai, which will reportedly allow brokers and borrowers to cut application times to just five minutes, according to the company’s founder and CEO Julian Fayad.
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