Australia approves first loan through open banking

July 03, 2020 | Consumer Lending

Written by FinTech Alliance

Australia approves first loan through open banking

Regional Australia Bank has approved a loan under open banking for the first time.

In Brief:

  • This was done through partnership with FinTech Basiq, which provides financial data insight.

  • The data exchange process reportedly took less than six minutes.

  • Basiq was able to analyse the applicant’s expenses into categories to make an automated loan decision.

What does this mean?

This is the first time a banking loan has been approved in Australia through open banking, so it demonstrates the value to customers of sharing their data in this way. It happened less than a day after open banking launched in the country.

Read more here.

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