Open Banking Lending Applications Surge 234%
NextGen's ApplyOnline platform reports rapid growth in loan applications using open banking data across the 2025-26 financial year.
Updated on Nov. 6, 2026 in Banking
Lending applications using open banking data grew 234% through NextGen's ApplyOnline platform in the 2025-26 financial year. One in ten home loans processed through the platform now uses open banking data.
Why it matters
Open banking removes the need to collect and verify a client's financial data manually, shortening loan processing across Australia's Consumer Data Right system. Non-bank lenders joining the system in mid-2026 suggests the shift is extending beyond traditional banks.
Platform-reported figures show a 234% rise in open banking lending applications on NextGen's ApplyOnline in 2025-26, with one in ten home loans using the data. The absolute application volumes behind these percentages are not disclosed.
The players
NextGen
NextGen is an Australian provider of lending technology whose ApplyOnline platform is used by lenders and brokers to process loan applications.
Frollo
Frollo is an Australian fintech and Accredited Data Recipient under the Consumer Data Right, known for its open banking research and reporting.
Beyond Bank Australia
Beyond Bank Australia is an Australian mutual bank that has adopted open banking to speed up its lending application process.
The details
Open banking allows verified and formatted income and expense data to arrive within minutes once a client grants consent, replacing manual collection and verification. Beyond Bank Australia reports processing applications 50% faster than under its previous process.
Timeline
The 2025-26 financial year saw the 234% growth in open banking lending applications on ApplyOnline.
Active Consumer Data Right authorisations passed 1.3 million in June 2026.
Non-bank lenders entered the Consumer Data Right system in mid-2026.
Frollo released its State of Open Banking 2026 report in November 2026.
Market Dynamics
The growth in lending applications and authorisations reflects the Consumer Data Right framework extending from its original banking scope into lending, with non-bank lenders now entering the system. A proposal to include Australian Taxation Office data within the CDR would extend this further.
Borrowers applying for home loans through platforms using open banking may receive decisions far faster, with verified income data arriving in minutes rather than days. Brokers may also recover administrative time, with one broker writing ten loans reportedly saving around seven hours a month.
The takeaway
Applicants considering a home loan can ask whether their lender or broker uses open banking, since verified data can shorten approval times and reduce the chance of errors in manually prepared statements.
Further reading
For more on how digital data sharing is changing household borrowing, see Banking.
