The mortgage aggregator has kicked off the 2020 financial year with record settlement growth and the launch of a new CRM platform.
In an update to the ASX, BNK Banking Corp Ltd (BNK) has released the financial results of its mortgage aggregation business Finsure, reporting loan settlements of $3.5 billion over the first quarter of the 2020 financial year (FY20).
Finsure capped off the quarter with record monthly loan settlements of $1.2 billion in September, up 13 per cent year-on-year.
As a result, BNK group’s total aggregation loan book increased to $39.8 billion, up from $33.2 billion year-on-year.
The group also reported an 8.8 per cent rise in Finsure’s broker network over the same period, from 1,508 to 1,640.
New CRM platform launched
BNK has also announced the launch of Finsure’s new proprietary Infynity CRM platform.
According to BNK, the Infynity platform uses predictive data to provide insights into broker behaviour, and would empower brokers to “proactively make changes to their business” rather than “relying on retrospective reporting and past behaviour”.
The group added that Finsure’s Infynity platform is also designed to create a centralised platform for third-party application integration, allowing brokers to connect with their own partners and external service providers that have chosen to partner with the Finsure business.
Following the launch, BNK managing director Simon Lyons said the new platform would ease the compliance burden for Finsure’s broker network.
“In this time of increased compliance oversight, Infynity allows brokers to monitor their behaviour and identify potential issues within the business before they become concerns,” he said.
“The launch of Infynity is important for two reasons: it allows the group to expand its revenue streams, but more importantly allows us to remain at the forefront of services offered to our brokers.”
He concluded: “Technology continues to shape the way our business operates. And in the current challenging lending environment, those who leverage technology to provide the strongest broker offering will ultimately be the most successful in the market.”
[Related: ‘Clunky’ HEM tool slashed broker volumes]