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.
