Fintech firm diñeiro has unveiled a new addition to its open-banking platform, which aims to provide a simplified desktop solution for brokers to see the home loan status of their clients with ease.
dosh, the firm’s customer connection platform, will have an automated email-based solution which will simplify the process of sharing open banking loan data between brokers and their clients.
The fintech company’s CEO, Andrew Gooding, pointed out how important it was for brokers to be able to see the home loan status of their clients.
“To be able to provide the best ongoing service to their clients and achieve high retention of their loan books, brokers need ongoing visibility of their clients’ financial journey post settlement,” said Gooding.
“The biggest challenge in CDR (Consumer Data Rights) has been complexity around consent flow. It’s appropriate for there to be parameters so consumers understand what they’re sharing, but the process can be convoluted, and the adoption rate can suffer.”
The email-based solution offers a “low friction” consent flow experience and will no longer require brokers to make changes to their current processes or workflows in order to implement the tool. It involves a pre-formatted HTML email communication, which is sent to brokers’ clients that are already uploaded into the dosh broker portal.
This will include a link which will take customers straight to their online banking environment where they can consent to sharing their loan balances and interest rates with their respective brokers.
“With this non-invasive solution, in just a few clicks, clients can select the loans they want to share with their broker, and the broker simply downloads a Loan Status Report for all their connected clients whenever they want,” said Gooding.
The loan status report includes the client’s connected loans, the lender, the loan type, the current interest rate, the loan limit, the current loan balance, and a 30-day comparison on the loan balance and interest rate.
“If you've got 1,000 clients in your database and 500 clients are connected by this product, you’re halving the phone calls you’re making to lenders to obtain updated loan details,” said Gooding. “For brokers who have staff dedicated to repricing or refinancing back books, this will save an infinite amount of time and help make ongoing service so much easier.”
