Throughout this partnership, the Commonwealth Bank of Australia is set to be enabled to provide Open Banking services for mortgage brokers within NextGen’s loan lodgement platform, ApplyOnline. The product was developed to auto-populate customer data and information, as well as to generate customised bank statements by using government-regulated data sources that ensure the quality of the application is high. NextGen is an accredited data recipient under the country’s Consumer Data Right, being focused on meeting the needs, preferences, and demands of its clients while also remaining compliant with the requirements of the industry.
In addition, by adopting Open Banking for mortgage brokers via ApplyOnline, the Commonwealth Bank of Australia will also prioritise the process of providing brokers with the needed products and tools for improving the manner in which customers reach their homeownership goals, optimising their overall banking experience at the same time. Furthermore, incorporating the technology will enable the financial institution to develop its Stream Working Capital service at the same time.
Commonwealth Bank of Australia had multiple partnerships and product launches in the last couple of months, covering several different geographic areas around the world.
In September 2023, the financial institution announced its agreement to acquire the cloud-based lending platform Waddle in order to deliver working capital for businesses and companies in Australia. The acquisition process was set to be performed through CBA’s venture-scaling arm, x15ventures, which aimed to accelerate the bank’s ambition to augment its lending offerings and capabilities.
Throughout this agreement and by bringing the technology in-house, CBA was given the possibility to accelerate the development procedure of its Stream Working Capital tool. The financial institution also focused on continuing to benefit from the first-class, secure, and efficient automation and flexibility processes that the Waddle platform was providing.
Earlier in February 2023, the Commonwealth Bank of Australia decided to implement in its suite of solutions and digital banking platforms a new scam detection system. The scam detection technologies were set to be incorporated in the context of the rising fraud activities that took place across the region while contributing to an overall safe and more efficient banking experience for all the financial institution’s customers.
The decision to embed the new systems was also related to the Medicare and Optus data breaches that happened back in 2022.
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