Cutting through red tape to access urgent financial support can be lifesaving.
Bravery Trust has been working with Financial Counselling Australia to pilot Open Banking – which reduces the burden on clients to provide additional banking information when they are already experiencing high levels of stress.
It allows authorised financial counsellors to obtain bank statements directly instead of relying on clients to manually collect the information.
Open Banking has reduced the time it takes to collect required information by three to five hours per client.
Bravery Trust is a specialised provider of financial support for military personnel – providing both direct funding to keep families safe and in their homes, with longer term mentoring and education to empower veterans to their own financial independence.
CEO Garth Callender said prior to the Open Banking trial, multiple phone call and emails were required to obtain bank statements in the assessment and case planning phase.
“We see some people waiting five or even 10 years before reaching out for help.
“In the meantime, they could be dealing with a range of challenges linked to their financial circumstances such as mental health, relationship breakdown or homelessness.
“It is crucial we can respond their needs promptly and professionally without adding to their stress levels.
“The Open banking trial is simplifying the process of sharing required information, which would otherwise add to an already stressful situation.”
Bravery Trust commenced the Open banking trial in June 2024 and will work alongside Financial Counselling Australia to continue and expand the Open banking model more broadly across the sector.
