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Key Takeaways:
This ensures that the process is quick and efficient, allowing you to share your financial information with your Lender promptly. |
Under the Government regulated Consumer Data Right (CDR) framework, Open Banking will help make applying for your loan product faster by securely sharing your financial data with your Relationship Advisor.
- Digital and secure: Lenders use government-regulated Open Banking, allowing members to securely connect their bank accounts with the financial institutions they have accounts with and share financial data. Members are never asked to provide internet banking passwords or upload paper statements where Open Banking has been used.
- Faster loan application process: By sharing data digitally and in real-time, Relationship Advisors can access accurate financial information quickly and accelerate the application process.
- Member control: Members can choose which financial accounts to share and for how long (for example, 3, 6 or 12 months). They can withdraw consent at any time.
- Easy setup: Members receive an email invite to securely connect their accounts and provide consent to share their data, a process that typically takes around 5-10 minutes.
What is Open Banking?
Open Banking is a secure way to share your financial information with your Relationship Advisor. By connecting your financial accounts, it streamlines your application for a home loan, credit card, or personal loan. This also gives your Relationship Advisor a more accurate understanding of your financial position, enabling a faster assessment to help match you with the right loan product for your needs.
Security first
Your security comes first. Open Banking adheres to strict government-regulation to ensure your data is handled with bank-grade protection. You choose what accounts to share, for how long, and you’re always in control of your data.
A quick step guide to share data with your Relationship Advisor
| # | Step | Example |
| 1 |
Get started After you select Share data from your invitation email, you'll be directed to your account. |
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| 2 |
Welcome From here you're guided through the Collection Consent steps where you can connect your bank accounts. |
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| 3 |
Bank connection Select your first bank to connect, with 110+ Data Holders (banking brands) available to choose from. |
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| 4 |
Your consent Next, view:
Select your 3, 6 or 12-month consent period, then Yes, continue to bank. Tips:
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| 5 |
Bank connection By selecting Yes, continue to bank - you will be directed to your bank’s CDR-specific site. Your bank will provide you with a One-Time Passcode (OTP) commonly via SMS or your Banking App. Tip: You may need to open your Banking App to see the notification. Once logged in, you will be guided by your bank to select the accounts that you would like to share data from. |
National Australia Bank (NAB) example: |
| 6 |
Connect more banks You can repeat the process to add more banks. If a failure occurs, you can retry or contact our Support Team via the Help Centre Once done, select: Share with broker. |
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| 7 |
Success! You have successfully connected your accounts |
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| 8 |
Lender and other Bank communications When you connect a bank, you will receive confirmation via email from your Lender and via email and/or SMS from your other bank. This may seem like a lot of communication, however it is required by the Australian Government to ensure that you are fully informed from both parties that your data is being collected, with who and for how long. |
Example Bank data sharing advice email: |
| 9 |
Consent management Manage your consent via your Data sharing dashboard. In the Incoming data tab, you can view the consents for accounts that are connected. Incoming data consent can be withdrawn at any time by selecting the row. Also, use Help at any time to access FAQs or contact our Support Team. |
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| 10 |
Support If you have any questions or experience any issues, we’re here to help. Please contact your Lender Relationship Advisor or visit Help & Contact |
Frequently asked questions
1. How do I connect more accounts later?
You can connect more accounts after your initial set up. To do this:
| # | Step | Example |
| 1 |
Log in Use your data sharing email or reuse your invite email to access your account. Enter the same email address previously used. You will be sent a One-Time Passcode (OTP) to log in. |
Example data sharing email: Example invite email: Example log in: Example check your email: Example one-time passcode: |
| 2 |
Connect more accounts Next, search for your bank and complete your bank’s data collection process. |
If you used your data sharing email, select Data Sharing then Connect a bank to be directed to Select a bank to connect: If you reused your invite email, you’ll be directed to Select a bank to connect. Find your bank in the search field and complete their connection process: |
| 3 | Once done, select I’m done connecting banks. |
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| 4 | Your Data sharing dashboard will then show the additional account(s) linked. |
2. Can I turn off the notification emails?
When you connect a bank, you will receive confirmation via email from your Lender and via email and/or SMS from your other bank(s).
This may seem like a lot of communication, however it is required by the Government to ensure that you are fully informed from both parties that your data is being collected, with who and for how long.
You are not able to turn off these notifications.