Bud, an open banking fintech company, has announced that it will be launching in Australia after having just received accreditation from the Australian Competition and Consumer Commission to deliver Australians its open banking services.
While the new Australian launch is certainly a major milestone for the company, Bud has actually been operating in the broader region for quite some time. For example, the company has been working with Australia and New Zealand Banking Group (ANZ) in New Zealand for over a year, providing them with its automated affordability checks solution.
"Affordability checks are cumbersome for borrowers and inefficient for lenders" Said CEO Ed Maslaveckas "The CDR brings with it a huge opportunity to address that using intelligent financial data. We’ve already worked with tier 1 banks here in the UK, in Europe and in New Zealand on solutions in this space and it will be a big focus for us in Australia."
Australian Open Banking Expansions
Bud Launches Its Open Banking Services In Australia
Trend Themes
1. Open Banking Expansion - Companies expanding their open banking services globally, creating opportunities for faster and more efficient financing.
2. Automated Affordability Checks - Advanced algorithmic capabilities that utilize intelligent financial data to simplify affordability checks for borrowing customers and increase efficiency for lenders.
3. CDR Implementation - Adoption of the Consumer Data Right system globally, which offers organizations access to valuable financial data in a secure and transparent manner.
Industry Implications
1. Fintech - Emerging companies in the financial technology space using advanced algorithms to automate lending processes and providing affordable financial services to customers.
2. Banking - Traditional banks integrating intelligent financial data to streamline the loan application process and improve financial services for customers through both online and brick and mortar channels.
3. Data Aggregation - Development of secure and transparent data aggregation systems to facilitate the exchange of valuable financial data between organizations in a streamlined manner.