Regional Australia Bank has approved a loan under open banking for the first time.
In Brief:
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This was done through partnership with FinTech Basiq, which provides financial data insight.
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The data exchange process reportedly took less than six minutes.
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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.
