Finsure integrates open data solution

by Madison Utley25 Nov 2020

An aggregator has announced it is integrating a new open data solution into its CRM platform, promising it will bring “cost savings to the broker, faster approvals, a better customer experience and the potential to reduce the possibility of fraud”.

Finsure general manager of aggregation, Simon Bednar, explained that the partnership with financial technology company illion Open Data Solutions will enable brokers to integrate the group’s BankStatements platform into their offering to customers.

“BankStatements is a technology platform that focuses on reducing friction for consumers and businesses who are using the internet,” 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. It also protects a broker’s business by using robust data for their product recommendations.”

BankStatements will be integrated into the Infynity App store. According to Bednar, the new solution will also reduce the need for a customer to go into their bank branch and increase conversions.

Jarrid Ohanessian, general manager of illion Open Data Solutions, said the company’s support of the broker market is already well-established as it currently services around 8,000 brokers.

“Brokers choose illion Open Data Solutions because of our track-record of delivering quality services through our proven and secure technology, superior speed and system reliability, and our market leading income and expense analytics,” he said.

“Finsure has recognised the importance of working with a partner that has a vision for the future of brokers, including a number of key strategic developments that are soon due to be released.

“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 (ADR), and the only data aggregation and analytics service that can provide a hybrid model of CDR and non-CDR data to brokers.”