The data advantage: How Open Banking is streamlining mortgage workflows

A conversation with Chris Foster-Ramsay, Founder of Foster-Ramsay Finance

Technology is accelerating the way brokers verify client financial data, and those who adapt first are gaining a significant competitive edge. While traditional methods of gathering client information have served the industry for years, forward-thinking brokers are discovering that Open Banking offers a fundamentally better way to work—faster decisions, happier clients, and streamlined compliance. We sat down with Chris Foster-Ramsay, a broker with over 22 years of experience in the lending industry who has fully embraced Open Banking technology, to understand how it’s reshaping his business and client relationships.

The trust factor: Why first-party data matters

For Chris, the shift to Open Banking wasn’t just about efficiency—it was about trust and reliability. “What Open Banking gives me is first party reliable banking data,” he explains. “It’s trusted data that helps verify the overall situation of the client before we get too far down the track.”

This source verification eliminates many of the compliance headaches that keep brokers awake at night. As Chris puts it: “There’s a much lesser risk of an omission, a cover up, or any of that stuff that every broker loses sleep over in terms of getting tampered statements.”

The screen scraping problem nobody talks about

While screen scraping technologies have been available for years, Chris has observed growing resistance from both clients and financial institutions. “Clients are becoming more and more educated about what those screen scraping platforms are, and particularly one large bank is discouraging that behavior heavily,” he notes.

The key difference? Brokers who can confidently articulate the benefits of Open Banking in a way that aligns with their unique value proposition are seeing the strongest results. When clients understand that open banking offers greater security and peace of mind knowing they don’t need to share banking passwords and can control the consent period (3, 6, or 12 months) they come on board willingly.

Real-time access: The game changer

Perhaps the most transformative aspect of Open Banking for Chris’ workflow is ongoing data access. Rather than repeatedly requesting updated statements from clients, Open Banking allows brokers to access fresh data within authorised timeframes.

“If I need to rerun a bank statement within a period of time, rather than going back to that client and asking them for updated statements, they’ve already given me access” Chris explains. “It just stops the back and forth and builds efficiency.”

This capability means faster decisions, reduced administrative burden, and ultimately, better client service.

Client communication: It’s all about the approach

One concern many brokers have is client resistance to data sharing. Chris has found that framing matters enormously. His approach is conversational and benefit-focused:

“John and Julie, I need to verify your living expenses and bank statements under the rules and regs. We have a couple of options. The option we prefer to use is Open Banking. It’s part of the government’s regulated Consumer Data Right (CDR), and it lets you authorise access through a safe, secure consent process—without ever having to share your bank passwords.”

The response? “I haven’t got as much pushback as I have previously with trying to access the verification angle from a compliance perspective.”

Uncovering hidden issues before they become problems

Open Banking’s comprehensive data view helps identify potential issues early in the process. Chris particularly values its ability to spot liabilities that clients may have innocently forgotten about—like those interest-free facilities that should have been closed but remain on credit files.

“You’re looking at the bank statement version of the credit reporting that an assessor is going to look at,” Chris notes. “There’s no skirting around that. They’re going to come back to you and ask about any facilities they see.”

By identifying these issues upfront, brokers can address them before they delay or derail applications.

Integration and workflow: The technical advantage

As a Connective broker — part of one of Australia’s largest aggregators with over 4,000 brokers — Chris also benefits from NextGen’s technology, seamlessly integrated into Connective’s CRM Mercury Nexus platform. This gives him access to Open Banking, where, once a client completes consent to share their data, account statements automatically appear in client files within 7–12 minutes, depending on the complexity and number of accounts connected.

This seamless integration eliminates manual data entry and reduces the risk of errors, creating a truly streamlined workflow that many brokers across the Connective network are now experiencing.

“There’s very little risk of manipulation because it’s a direct feed into the CRM,” he explains. “Everything talks to all the systems.”

The document presentation advantage

Even the way Open Banking presents financial data offers compliance benefits. Unlike traditional bank statements that show the most recent month first, Open Banking statements are presented chronologically from oldest to newest, providing brokers with a complete, holistic view of the client’s financial position. Open banking enables brokers to easily present a holistic position, supporting better lending decisions.

Looking forward: The industry evolution

Chris sees Open Banking as part of a broader industry transformation toward faster, more automated lending decisions. He envisions a future where various data sources—Open Banking, payslip verification, credit reporting—work together to streamline the entire application process.

“Why could we not have something in the future that takes out probably 40% of the usual timeline because it’s going to be able to pick up different data points and verify whether those documents are authentic or not?”

Advice for hesitant brokers

For brokers still on the fence about Open Banking, Chris’s advice is pragmatic: start small and see the difference.

“If you’re new to the platform, I would say just try and see how it compares to the others. What you’ll find is that the dataset is richer, it’s more reliable data, and the way it’s presented to clients in the invitation stage builds trust.”

For those who may have tried Open Banking in its early days and been disappointed, Chris suggests giving it another look. “I’m happy to confirm that it’s very much a streamlined process now. If you haven’t used it for a while, there have been a number of changes that build efficiencies around getting the application verified and out to the lender as fast as possible.”

Why early adopters win: The broker’s advantage

Chris’s experience illustrates that Open Banking isn’t just another technology tool—it’s a fundamental improvement in how brokers can serve their clients while managing compliance and efficiency challenges. The combination of trusted data, streamlined workflows, and improved client communication creates a compelling case for adoption.

As the mortgage industry continues to evolve, brokers who embrace Open Banking are positioning themselves not just for current success, but for the more automated, efficient future that’s rapidly approaching.