Back\u2019s comments come as Australia\u2019s Consumer Data Right (CDR) continues to expand. Earlier this month, eligible non-bank lenders were required to begin sharing product data through the regime<\/a>, with customer data sharing obligations set to commence later this year, broadening the scope of open banking across the lending market.
\n<\/p>\n \u201cThe consumer doesn\u2019t wake up wanting open banking. They want an easier mortgage experience, or they want an easier credit card experience or an easier car loan experience,\u201d Back said.
\n<\/p>\n \u201cWe\u2019re thinking this is all about technology when in fact it\u2019s time.\u201d
\n<\/p>\n What brokers stand to gain
\n<\/p>\n Back said open banking had the potential to fundamentally change how brokers worked with clients by reducing the administrative burden that has long dominated the loan application process.
\n<\/p>\n Rather than repeatedly requesting payslips, bank statements and transaction histories, he said brokers could spend more time understanding a client\u2019s broader financial position and helping them make better decisions.
\n<\/p>\n \u201cOne of the biggest consumers of broker time is the missing information request,\u201d Back said.
\n<\/p>\n He said the long-term opportunity was for brokers to walk into meetings with verified financial information already available, allowing conversations to focus on strategy rather than administration.
\n<\/p>\n \u201cIt becomes a strategy meeting, not a paperwork warfare meeting,\u201d Back said.
\n<\/p>\n Back argued this represented an opportunity for brokers to further evolve into trusted advisers.
\n<\/p>\n \u201cThe intrinsic value of what our industry should be looking at is not processing loans. That\u2019s the outcome of the value through the advice, through the service proposition, through the relationship, through the guidance that they give,\u201d he said.
\n<\/p>\n Why brokers have struggled with take-up
\n<\/p>\n Despite the potential benefits, adoption has remained relatively low.
\n<\/p>\n According to NextGen\u2019s 2025 Industry Insights Report, released in June last year in partnership with Agile Market Intelligence<\/a>, just 18 per cent of brokers were using open banking functionality within ApplyOnline, despite 94 per cent using the platform every month.
\n<\/p>\n The report also found 61 per cent of brokers were unaware the capability was available, while 64 per cent continued relying on traditional document collection methods and 76 per cent primarily sourced customer information through screen-scraping technologies.
\n<\/p>\n Back said the issue wasn\u2019t simply about the technology itself.
\n<\/p>\n \u201cI think there\u2019s a huge lack of education in that space and what the advantages really are,\u201d Back said.
\n<\/p>\n He added that changing long-established broker habits remains one of the biggest barriers.
\n<\/p>\n \u201cAdult human behavioural change is hard,\u201d Back said.
\n<\/p>\n However, brokers willing to embrace the technology now would be better positioned as the market evolved.
\n<\/p>\n \u201cThose brokers that are adopting this early … are the ones that are going to have time spent now with more clients, doing more content, more marketing, being on the front foot,\u201d Back said.
\n<\/p>\n \u201cI think there\u2019s an opportunity for them to step ahead of those brokers that just haven\u2019t changed.\u201d
\n<\/p>\n The fight against fraud
\n<\/p>\n Beyond improving efficiency, Back said open banking could also become an increasingly important weapon in the fight against mortgage fraud.
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