NextGen, an Australia-based lending solutions provider, has launched its Automated Income Verification feature within ApplyOnline, powered by Open Banking.
With the rollout, NextGen aims to improve income assessment for lenders, replacing outdated document-based processes with secure, data-driven automation. The feature is available for PAYG income in its first release, leveraging Open Banking to verify an applicant’s declared income and allow lenders to make more efficient decisions while minimising operational overhead and risk.
Leveraging Open Banking for lenders
Although data analytics and AI are making progress, lenders continue to rely on manually creating and reviewing payslips, as well as using OCR technology, which slows down processing times, drives up operational costs, and can make a frustrating experience for applicants.
Income verification has been a challenge for lenders in the past, and NextGen aims to tackle this issue by supporting lenders to give up manual processes and leverage the power of Open Banking to provide a more secure, cost-efficient, and customer-friendly lending experience. The Automated Income Verification feature is available for lenders to activate in NextGen’s ApplyOnline lending platform for both broker and lender workflows, minimising the need for third-party integrations or additional platforms.
The solution accesses real-time transaction data with applicant consent, identifies salary patterns, pay frequency, and employer consistency, and provides assessors with a clear view of income verification status and supporting data, adjusting document requirements based on verification outcomes automatically.
Lenders will benefit from better and faster decision-making, quick approvals, and improved turnaround times, all while reducing risk and fraud exposure through secure, accurate assessments powered by Open Banking data. By minimising manual work and improving operational productivity, the solution allows lenders to offer a better origination experience with fewer document requests and quicker decisions, ultimately strengthening customer satisfaction.
