Phil Quin-Conroy, GM of debt advice and growth initiatives at AMP
AMP has launched an open banking service designed to streamline and enhance its advisers’ and brokers’ dealings with clients.
AMP is working with accredited data recipient Frollo, using the tiered accreditation model. Advisers and brokers operating under AMP’s financial services and credit licences can set up white label versions of Frollo’s Money Management Service, which uses data sourced through open banking.
They can use the open banking data to get a picture of their clients’ income, expenses and borrowings. Brokers can use that data in their credit applications.
Phil Quin-Conroy, general manager of debt advice and growth initiatives at AMP Advice, said the open banking data will make the process of gathering client information more efficient and the data timelier and more accurate.
Quin-Conroy said it would be up to lenders to decide whether the data satisfies their responsible lending obligations.
It might be a bit early in the CDR development for that to happen. In its most recent report on CDR, the Australian Competition and Consumer Commission said it wanted to see improvements in consumer data and product reference data being supplied by data holders.
“It is early days,” Quin-Conroy said.
AMP expects that data can also be used to provide ongoing money management support for broker and adviser clients.