2023 Roundup: Mortgage Makeover with Open Banking

Table of Contents

How Open Banking is Altering Australia’s Mortgage Mindset Forget the days of mountains of paperwork and endless phone calls for your dream home. Open banking, Down Under’s version called the Consumer Data Right (CDR), which was launched in 2020, is shaking up the mortgage industry in Australia. Open banking is no longer nibbling at the edges with budgeting apps and account aggregation. This is a full-blown transformation, going straight to the heart of mortgages and flipping the script on the entire industry value chain. Picture this: Australia’s A$2T ($1.4T) mortgage industry (that’s right, trillion with a T!) finally embracing the power of open banking. Banks, non-bank lenders, savvy mortgage aggregators, even your friendly neighbourhood broker – everyone’s jumping on the open banking bandwagon. They’re not just passengers, though – they’re actively driving a revolution that’s changing the way Australians think about and manage their mortgages.  The Big CDR Push in the Mortgage Industry What are Digital Mortgage Platforms? Digital Mortgage Platforms are online systems set up by banks to make getting a mortgage quicker and easier. You can apply for a mortgage, upload documents, and even get approval, all online. These platforms use technology (Open Banking, Data Analytics, AI, etc.) to […]

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