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Global data and tech company Experian and Aussie fintech Stryd have partnered to deliver dynamic loan matching and open banking solutions to brokers.
Mortgage brokers from today are able to access real-time transaction data and product insights through the illion BankStatements.com.au solution, owned by Experian.
This gives brokers an accurate overview of consumers’ financial position as well as lender product information provided by Stryd.
Further, it eliminates the need for screen scraping and self-reporting by borrowers. Brokers will be able to match clients with loans and promote engagement throughout the duration of the loan.
The organisations anticipate this solution will allow for brokers to retain customer data following the settlement of a loan, opening the door for them to re-engage clients and provide long-term support.
Consumers will be better supported as brokers will be able to proactively refinance through the automatic monitoring of triggers, such as changes in cash flow, repayment behaviour, loan-to-value ratio, or product competitiveness.
“Transparency” and “intelligence” were the words used to describe the benefits of this new solution by Stryd CEO and founder Ruth Hatherley.
“At a time when affordability is under pressure, brokers need to do more than originate loans – they need tools to retain and support customers long after settlement,” she said.
According to Hatherley, over a quarter of brokers are using open banking solutions to originate loans. A further 34 per cent have plans to begin using open banking in the future.
“The combination of Experian’s consumer credit insights with Stryd’s loan product data, can offer brokers event-driven alerts and real-time customer insights, and may help them identify when a client may be better served by refinancing,” she added.
Simone Jemmett, managing director, open data solutions, A/NZ at Experian said the partnership will allow for brokers to be aware of customer needs before they even know they need help.
“We’re giving brokers the ability to anticipate needs, offer better-fit products, and keep their clients ahead in a volatile market by knowing the right moment to re-engage with the right offer,” said Jemmett.
Experian has future plans to enable the access of transaction data through illion’s open banking platform.
While the adoption of open banking is on the rise, it is still lagging.
As revealed in NextGen’s 2025 Industry Insights Report, in partnership with Agile Market Intelligence, just 18 per cent of brokers are using open banking features on the company’s ApplyOnline platform.
This is a large disparity considering 94 per cent of brokers use ApplyOnline each month.
Despite its underutilisation, NextGen is anticipating an uptick in adoption – with aggregators expanding support for the system, it is expected to “become a core part of mortgage operations.”
According to recent MFAA research, 34 per cent of brokers are planning to implement open banking in the near future.
[Related: Open banking underutilised by brokers]
