New open banking platform launches for brokers

Working with consumer data right specialists Adatree, Pup uses open banking technology to enable brokers to access live loan information for their customers on one platform.

Through Pup, brokers can upload a customer’s name and email, and the platform will then send them a consent form to enable the broker to view and track their loan information for a period of 12 months (under the trusted adviser model) – including their rate and balance.

It aims to help save brokers time by enabling them to track their clients’ live loan information using a single sign in, therefore negating the need for them to call individual lenders or log into multiple platforms.

Speaking of the launch, founder and managing director of Hound, Peter Smyth, commented: “We believe that Pup is a game-changer for the broking industry, empowering brokers by saving them time and improving their productivity.

“We’re excited to introduce Pup as a stand-alone offering in response to the significant and growing level of interest we’re experiencing for Hound, which is still in beta mode and already building a strong following,” he said.

“The significant interest in Hound has highlighted the industry’s need for efficient, cost-effective solutions that empower brokers to better serve their customers in ways that grow their business. Pup fulfils this demand, providing brokers with a powerful tool that streamlines their operations and helps them maximize their business potential.”

He concluded: “We’re excited to announce the launch of Pup, offering brokers immediate access to a transformative solution that effectively tackles a critical pain point that they’ve been facing.”

Pup is currently offering brokers a one-month free trial and early bird pricing for early adopters.

Open banking in the broker space

While the trusted adviser model officially came into being last year, use cases in the broker channel are still limited.

Finsure became the first aggregator to turn on open banking for its brokers, officially launching its Financial Passport to its 2,500 broker members earlier this year, enabling brokers to collect customer data for use in their loan application process.

The solution builds on technology from open banking provider Frollo and lending technology provider NextGen to fully integrate open banking data into the mortgage application.

If a consumer grants a Finsure broker (who has undergone relevant training) permission to access their Consumer Data Right information under the open banking regime, they will be able to view their income, expenses, assets and liabilities through the Financial Passport.

Finsure noted this would not only reduce the time brokers spend on reconciliation and processing applications but also ensure that they’re using bank-verified data as “a single source of truth” while providing better privacy protection for clients.

Brokers operating under the AMP Advice licence package can also now access Frollo’s open banking technology and money management app, after AMP Advice expanded its licensee offer to provide advisers and the 200 brokers in its network with access to Consumer Data Right data.

It is believed more aggregators will turn on open banking capabilities for their brokers later this year.

The CDR ecosystem is currently being reviewed to consider enabling consumers to instruct accredited users to initiate actions on their behalf.

These actions could include switching providers, making a payment, opening and closing an account, and updating personal details (such as an address) across providers.

However, plans to expand the CDR ecosystem to other sectors such as superannuation, insurance, and telecommunications have now been postponed to “focus on ensuring the CDR in banking is working as effectively as possible, extending into the non-bank lending sector and continuing with the energy roll-out as planned”.

[Related: CDR action initiation would benefit brokers, FBAA tells Senate]