Critical Mass Adoption
Consumer Data Right (CDR), or Open Banking, has finally hit critical mass in Australia, surpassing 5 billion API calls in 2025. Usage among brokers has doubled in the last year alone.
It has transitioned from a theoretical compliance framework to a robust productivity tool that solves the "fact find friction" problem.
API Usage Explosion (2021-2025)
Operational Efficiency: The 7-Minute Fact Find
Integration of Open Banking into aggregator platforms like Connective’s Mercury Nexus has revolutionized data collection. Brokers can now retrieve verified bank statements, expense categorization, and liability data in under 7 minutes.
Quantifiable Gain
This reduces the average time spent per client file by approximately 40 minutes. It eliminates the need for clients to download PDFs, redact TFNs, and email unsecured files. It also removes the broker's manual data entry burden.
đź’° Productivity Calculator
Estimate your monthly time savings by switching to Open Banking data ingestion.
Solving the HEM vs. Declared Expenses Risk
A critical compliance benefit is the automated categorization of living expenses. ASIC scrutiny on "Household Expenditure Measure" (HEM) benchmarks versus declared expenses remains high.
Compliance Alert
Relying on client estimates creates risk. Clients often forget "Buy Now Pay Later" debts or underestimate entertainment spend. Open Banking provides a "source of truth."
By using actual bank data to categorize spending, brokers can defensibly prove they have assessed the client's actual financial position, reducing the risk of "liar loans" or inadvertent non-disclosure fraud.
Future-Proofing the Business
Adopting Open Banking is also a play for future client retention. Once a client consents to data sharing, the broker transforms from a transactional service provider into a lifelong financial partner.
Financial Health Checks
Proactive reviews using live data to spot spending improvements.
Rate Monitoring
Automated alerts when the client's rate drifts from the market average.
Investment Triggers
Identify when savings balances create an opportunity for a new purchase.
Ready to reclaim 40 minutes per file?
The technology is no longer theoretical. The critical mass of 5 billion API calls proves it's here. Rethink your strategy today.