Customers can now consent to share their data with third parties in a secure and safe manner through Open Banking. Open Banking allows consumer loans and banking data to be accessible by enabling consumers to share their banking information (Interest rates, transaction details, etc.) with parties who have been granted permission to access the information.
From the perspective of a Mortgage Broker, this provides real-time access to their customers’ loan information. And then, because Hound is continuously monitoring their interest rate and loan details, it’s able to notify you as soon as their loan strays too far from market rates..
Please note when sending a consent request to a customer you’ll be asked if you would like the consent to be auto renewed after the initial 12-month period. If you select yes, the customer will be advised prior to the end of the 12 months to re-consent. If you selected no, you would need to prompt the customer to re-consent when the current consent expires.