Aggregator preps for open banking

by Madison Utley11 Dec 2019

An aggregator has created a new role within its organisation to help its network of brokers prepare for the next era in financial services clearly visible on the horizon.  

Loan Market has announced former Westpac senior analyst, Clement Yeung, will act as the group’s first ‘data scientist’ to head the preparation for the “mass digital change across the industry” led by open banking.

"How Loan Market wants to harness the new opportunities created by open banking for the broker-customer relationship is quite exciting,” said Yeung.

“Ultimately, it will allow the creation of products that help bring brokers and their clients together; enhance returns on marketing efforts through deeper customer segmentation; provide insights into customers’ needs; and improve synergy between complementary specialists."

“At the moment, I don’t think anyone in the wider financial services sector is nailing the data space – most have been collecting it, but few are acting on it.

“But Loan Market, with its string of digital tools, has laid a platform to do something special for its brokers and their customers in terms of data management and use.

“The broking sector is more nimble in size and structure compared to banks. And with Loan Market being a 100% family-owned business, there’s greater scope to try new things.”

While Yeung’s immediate focus will be on harnessing the benefits of open banking, Loan Market intends for his expertise to extend to all corners of the business.

“We’re transitioning to a network of paperless offices and with that brings the opportunity to deep-dive into broker and consumer behaviour to generate improved products and services,” explained Loan Market executive chairman Sam White.

“Clement is a great talent and his experience in banking offers insights into how ‘the other side of the fence’ manages data. His fresh perspective in broking will encourage us to look at data differently, too.”