Commonwealth Bank has started offering open banking to facilitate mortgage broker loan applications, using NextGen’s ApplyOnline platform. NextGen, which is a Consumer Data Right accredited data recipient, uses open banking data to populate application forms with customer data and generate tailored bank statements. NextGen chief customer officer Tony Carn said fewer than 15 per cent of mortgage applications are approved without the need for additional information after the application is submitted. “Open banking, which allows customers to share their financial information with their mortgage broker, cuts down application re-works and significantly reduces customer waiting times,” Carn said. CBA’s executive general manager home buying, Michael Baumann, said: “Using ApplyOnline we hope to be able to create a more seamless home loan application experience for our customers and to equip brokers with the tools they need to support customers.”