The Australian Banking Association estimates that almost two-thirds of Australians have accounts with more than one bank, with around 30 per cent having a relationship with three or more financial institutions. 
It is difficult for lenders to supplement their assessment decision with affordability information from only one account. For example, if a household banks with St. George and ANZ, their salary may be deposited into St. George, BUT the majority of their expenses may be from their ANZ credit card.  Simply looking at one bank would give a false picture of their financial position.
With the recent conclusion of the banking royal commission it is evident that responsible lending remains a key concern. Verification by benchmarks alone (i.e. HEM) will no longer suffice and lenders will be expected to make use of a customer’s actual financial data when it comes to assessing loan suitability. 
They need to see a full picture of the customer across all of their accounts with all financial institutions
Basiq's affordability report breaks down a customer’s financial data into assets, liabilities, income and categorised expenses to provide a single view of the customers financial position. 
In addition to other criteria used to assess a loan, customers can securely provide access to their bank account data by using Basiq's aggregation service or by leveraging our new PDF bank statements upload feature. 
The report aggregates data from across financial institutions into one single report so that it can account for the majority of Australians. This is a key benefit for assessors, because applicants who have not disclosed all of their bank accounts are flagged for further investigation.
With the roll-out of the Open Banking regime - financial data will be more accessible than ever before.  Contact Basiq to start sharing and acquiring data via our Open Banking Platform.