What is Open Banking?

What is Open Banking?

Open banking is a safe and secure way for customers to share their data with third parties. Up until now, banks haven’t allowed customers to share their data without having to download bank statements. Open banking democratises consumer loan and banking data, giving them the ability to share their banking data (loan information, transaction data etc) with third parties who are approved to receive the data by the ACCC. 


From a mortgage broker's point of view, it means that you will have access to your client's loan data in real-time and Sherlok can track their interest rate 24/7 to alert you if it becomes too high. You will no longer need to rely on the lenders to access this information and therefore you will be able to provide advice and guidance to your clients on your terms.


This increases competition allowing consumers and brokers to easily gain insights into their data and switch products and banks more easily.

Here's how Open Banking works:




Here is a quick Video which explains open banking:


    • Related Articles

    • Customer Portal & Open Banking

      The launch of our Customer Portal that uses Open Banking is an exciting time in the industry and you’re leading the way as Australia’s first brokers to access open banking. You should be proud to be a leader and we encourage you to lead the ...

    • Which lenders offer Open Banking

      Below is a list of financial institutions that are registered Data Holders avaliable in the Adatree's Data Recipient Platform. Last Updated: 31st August 2022 Amigo AMP Bank ANZ ANZ Plus Aussie Home Loans Australian Military Bank Australian Mutual ...

    • How to prepare your clients for the Customer Portal & Open Banking

      Make sure you have SMPT or Domain Verification set up so that any emails that are sent from Sherlok are sent from your email address so that your clients know that these emails are coming from you. Check your logo and profile picture in the Sherlok ...

    • Can I opt out of the Customer Portal?

      At this stage it's not a feature that you can opt out of because we need updated client loan data in order to process reprices. If your clients are uncomfortable consenting to Open Banking, then they can update the loan information manually. 

    • What is the Customer Portal?

      This is where we will maintain your Clients Loan Information to keep it live and up to date. If your clients consent to open banking then this data will be updated live but if they are not comfortable they can update their loan data manually. Get an ...