A fintech company has launched tools to help brokers and borrowers face potential changes to the industry after the Royal Commission.
CashDeck, part of the InvestmentLink group, wants to offer the technology to not only maintain engagement with customers but to make the whole process easier.
The Royal Commission has caused lenders to scrutinise the way brokers and loan applications currently work, particularly when it comes to estimating the cost of living for borrowers. Because of this, it is expected borrowing power will be greatly reduced if new changes come out.
With many brokers reassessing business processes such as cost of living assessments, CashDeck suggests that brokers will have to work harder and engage more clients to get the same results they are getting today.
In response, the company has a set of tools called Credit Ready, for both brokers and clients. For brokers, the software will retrieve bank statements and provide a detailed living expense analysis, which is exportable to Excel.
Owen Joyce, CCO of CashDeck, said: “A typical analysis costs as little as $5, will save many hours for the broker and immediately let the borrower know where they stand. We also offer a branded money management app that brokers can provide free to their clients to help them get their finances in order. It’s a great way to communicate and build a database of future clients in a new era of lending where doing nothing is no longer an option.
“As the system tightens, borrowers will realise that they need to do the hard yards up front. They’ll need to tighten their belts, they’ll need to really understand their spending and they’ll need to save. The best kind of borrower is one who can demonstrate they can live with their mortgage – long before they have a mortgage.”
For more information visit www.cashdeck.com.au