Stryd has announced its partnership with Experian to launch an Open Banking-powered loan-matching solution for brokers and customers.
Following this announcement, brokers will be able to access an up-to-date and accurate view of a customer’s financial situation from Experian, through the recently acquired Bankstatements.com solution, as well as a secure repository of bank loan product information from Stryd.
In addition, borrowers will be given the possibility to benefit from a more personalised and efficient experience, without the need to self-report. In the near future, Experian also intends to offer access to transaction data through illion, an Experian company, in order to further optimise the overall customer experience.
More information on the Stryd x Experian partnership
The collaboration is set to bring together Experian’s affordability and behavioral data with Stryd’s PRD-enabled product pricing and risk engine, aiming to give brokers the possibility to benefit from an optimised match of clients to suitable loans and maintain client engagement throughout the loan lifecycle.
As more than 25% brokers are using Open Bnaking in order to originate loans and maximise trail book retention, while an additional 34% of brokers plan to implement it in the near future, the partnership aims to provide them event-driven alerts and real-time client insights, as well as optimise the manner in which they identify when a client may be served better by refinancing.
Furthermore, the combined solution intends to enable dynamic event-based triggers, such as changes in cash flow, repayment behavior, loan-to-value ratio, as well as product competitiveness, in order to prompt timely broker intervention. Both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
