Key Takeaways for Brokers:
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As a Mortgage Broker, understanding the advantages of using Frollo’s Open Banking is crucial for streamlining your processes and providing better service to your Clients. Here’s a breakdown of the key benefits:
Streamlined Data Collection
Open Banking with Frollo simplifies the data collection process by allowing you to securely receive your Clients financial information electronically, reducing paperwork and delays.
Increased Efficiency
By accessing your Clients bank account data directly through Open Banking, you can quickly and efficiently gather the information needed for loan assessments, speeding up the entire process.
Real-Time Data Access
Open Banking provides real-time access to your Clients account information, ensuring you have the most up-to-date financial data available for accurate assessments.
Secure Data Transfer
Frollo is an Australian Government Accredited Data Recipient (ADR), which means we adhere to strict security and privacy standards to protect your Clients financial information. Data is transferred securely, ensuring confidentiality.
Consumer Control and Trust
With Open Banking, Clients have full control over what data is shared and with whom. They provide explicit Consent and can manage or withdraw that Consent at any time through their Frollo Account, building trust in your services.
Reduced Paperwork for Clients
Open Banking eliminates the need for Clients to email or print and provide physical copies of their bank statements, saving them time and effort and improving their experience.
Accuracy and Reliability of Data
The data shared through Open Banking is sourced directly from your Clients banks (Accredited Data Holders - ADHs), ensuring accuracy and reliability compared to manually provided documents.
Convenience for Clients
Clients can share their financial information from the comfort of their own homes, at a time that suits them, without needing to visit a different location, making the process more convenient and accessible.