Spotlight: Inside the next evolution of open banking

Open banking is moving fast. This week's Spotlight explores how verified banking data is fundamentally changing the way brokers work while creating new opportunities for lenders and customers.

Following on from an unforgettable Broker Innovation Summit, held in principal partnership with NextGen, Broker Daily's Julian Barnes catches up with NextGen's chief customer officer Tony Carn to explore the rapid evolution of open banking and what it could mean for the future of broking.

From reducing data collection and rework to improving fraud prevention and building trust with customers, open banking is already delivering tangible benefits for brokers. But with lenders increasingly recognising the value of verified, real-time data, its impact could extend well beyond the broker channel.

Here's what's driving the shift:

• Broker adoption is accelerating, with some aggregators seeing open banking used across over 35 per cent of mortgage applications.
• Verified data is helping brokers reduce manual data collection, prevent fraud, and  support post-settlement retention strategies.
• Growing demand for secure data sharing could see open banking become the standard means for brokers and lenders to collect financial data for a loan application. 

Listen to find out how you can capitalise on the evolution and close in on open banking.