In the not-too-distant future, applying for a mortgage could involve little more than giving your name, email and property address, and your consent to “share” your banking data, writes clancyyeates
In the not-too-distant future, applying for a mortgage could involve little more than giving your name, email and property address, and your consent to “share” your banking data.
For all the hostility towards banks in recent years, most people do not dump their lender for a rival. Critics say this allows banks to direct most of their competitive efforts to winning new business, as opposed to giving existing customers the best deal possible. “They are likely to be valuable as a group to banks,” says Deloitte’s head of open banking Paul Wiebusch.Commonwealth Bank chief executive Matt Comyn acknowledged the potential boost in competition due to new rivals entering the market at a customer forum in November.
He says sharing your data will be a completely digital process that will mostly be completed via smartphones, and will require a customer to give their consent for their data to be shared. How many people are willing to share their data will be an interesting test of the public’s trust in a new wave of digital businesses to manage deeply personal financial information.
The bottom line is it will also become easier to switch banks, safer borrowers should be able to get a sharper price more easily, and there will be a host of new services, such as budgeting tools.
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