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Fintech diñeiro has announced that it has developed an automated email-based solution from its dosh platform that aims to simplify how clients share their open banking loan data with brokers.
The new desktop-based solution offers a “low friction” consent flow experience which does not require brokers to change their existing processes or workflows to implement the solution, in addition to the fintech’s dosh app.
A pre-formatted HTML email communication is sent to clients via the dosh broker portal, which includes a link for customers that takes them directly to their online banking environment.
According to diñeiro, clients are then able to consent to sharing their loan balances and interest rates with their broker, with the data feeding back into the portal.
CEO of diñeiro, Andrew Gooding, said: “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.
“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.
“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.
“It’s a really powerful and simple solution for brokers.”
The Loan Status Report tells the broker the client’s connected loans; lender; loan type; current interest rate; loan limit; current loan balance; and a rolling 30-day comparison of the loan balance and interest rate.
Additionally, data is updated several times a day to give brokers “real-time visibility”.
The fintech further confirmed that the report picks up if the client has paid off a large portion of a loan or if a loan is extinguished, which may give the broker a reason to connect with the client to understand what has changed with their financial situation.
“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,” Gooding said.
“You can conduct client reviews each day at the press of a button.
“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.”
[RELATED: diñeiro to give brokers CDR data following new partnership]
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