Australia’s Beyond Bank integrates open banking into branch lending, cutting loan assessment times from days to minutes with secure data sharing.
Beyond Bank Australia has expanded open banking to its retail branch network, enabling lenders to request and receive customer financial data during in-person appointments. The move follows its earlier adoption in broker channels and marks a first for Australia’s retail lending market.
The system allows customers to approve the transfer of assets, liabilities, income, and spending data from Beyond Bank or other institutions within minutes. Verified data replaces manual checks, reducing assessment tasks from days to minutes for credit and operations teams.
NextGen, the technology provider, said the change delivers faster processing and improved data quality, benefiting both lenders and customers. The bank now offers open banking across broker and branch channels.