Finsure partners with illion Open Data Solutions

According to Finsure general manager, aggregation, Simon Bednar, the partnership would make it easier for brokers to integrate the BankStatements platform into their offering to customers, which he said could result in cost savings for brokers, faster loan approvals, and the potential to reduce the possibility of fraud.

“The solution will also increase conversions and lower the risk of brokers having their loans churned by reducing the need for a customer to go into their bank branch. It also protects a broker’s business by using robust data for their product recommendations,” Mr Bednar said.

He added that BankStatements will be integrated into the Infynity app store.

“BankStatements is a technology platform that focuses on reducing friction for consumers and businesses who are using the internet,” Mr Bednar said.

“The platform retrieves a customer’s bank statement data from lenders and banks and sends it directly to the broker. This means brokers don’t have to wait days for their customers to find their bank statements to scan and email to a broker.

“It enables brokers to receive statements instantly and get loans approved much quicker because there is less paperwork and fuss.”

Finsure launched Infynity as its new CRM platform for its 1,800 brokers last year, which Mr Bednar said would streamline workflow and automate time-consuming tasks.

illion Open Data Solutions general manager Jarrid Ohanessian said the company was “proud” to be the latest strategic partner to be working with Finsure.

“This partnership will increase our support of the broker market, where we already service thousands of brokers,” Mr Ohanessian said.

The company, which also provides income and expense analytics, serves 8,000 brokers, and is growing, according to Mr Ohanessian.

“illion is also well placed to continue to support the broker market through the transition to open banking, being one of only five companies to be an accredited data recipient, and the only data aggregation and analytics service that can provide a hybrid model of CDR (Consumer Data Right) and non-CDR data to brokers,” he said.

[Related: Finsure loan book grows, new partnership announced]