Regchain™’s Stryd Tool Enhances Mortgage Brokers’ Loan Access – Money Advice Experts in Services

A new tool has hit the market, revolutionizing the way brokers access real-time loan pricing. Regchain™, a Perth-based fintech, has unveiled the Stryd Product Repository, a database leveraging open banking data to assist mortgage brokers in securing better interest rates for their clients. Developed in collaboration with Adatree, a Consumer Data Right (CDR) technology provider, this tool aims to expedite growth opportunities by offering reliable risk and loan data services.

By tapping into various data sources, including Product Reference Data mandated by Australian banks under CDR regulations, the platform scours for the most competitive product and pricing options available to clients. This innovative tool not only streamlines brokers’ operations but also safeguards their existing customer base by pinpointing clients ripe for refinancing opportunities.

The Stryd Broker Platform integrates essential customer account data to assess loan viability, fetches real-time property valuations, and matches this information against the Stryd Product Repository to identify optimal product offers. Presently, the repository boasts 60 lenders, making it a robust source of live open banking data for the mortgage market. Expansion plans include onboarding 76 lenders shortly, with more in the pipeline.

Following a successful broker pilot, the tool has demonstrated its prowess. Over a two-month period, ten brokers processed 558 loan records, resulting in 68% of cases receiving more competitive offers. These improved offers amounted to $115.5 million in total loan value. Noteworthy statistics reveal that 70 loans secured rates up to 2.0% lower than existing ones, while 128 loans received offers with rates up to 1.0% lower.

Regchain™’s founder and CEO, Ruth Hatherley, emphasized the necessity for brokers to leverage real-time market insights to benefit clients. The tool not only aids in securing better deals for customers but also helps brokers safeguard their trail income. The platform has already facilitated over $46 billion in home loans and is forging partnerships with industry players like Effi and major aggregators to enhance data integration capabilities.

Despite its laudable impact, the tool’s journey has been marred by data quality challenges within the open banking ecosystem. Regchain™ has invested substantial effort in rectifying data discrepancies to ensure accurate product information. A white paper by the company exposed data quality issues in over 700 home loan products, underscoring the need for stringent data governance measures.

Rehan D’Almeida, CEO of FinTech Australia, commended the tool’s contribution to consumer empowerment and industry transformation. By harnessing open banking, the Regchain Stryd tool embodies the spirit of CDR in enhancing consumer choice and financial literacy. The platform’s success story aligns with broader industry efforts to address housing affordability concerns and drive positive change in the finance landscape.