Effi expands product search API

Fintechs including Sherlok, an Australia-based automated repricing and refinancing platform for mortgage brokers, use the API to drive growth for their business and reduce their development overhead when it comes to accessing home loan product information. Open Banking has provided the industry with a massive amount of potential but there’s still a lot of work to be done. The ability to leverage consumer data and lender information to provide deeper insights is powerful but without tech like Effi’s API fintechs need to be able to spare significant additional resources to unlock the value.

Using the API, companies like Sherlok are able to help borrowers make informed decisions in the home loan space. The tech can be used to create unique experiences ranging from comparison websites to a detailed repayment calculator in a matter of hours. Effi believes the possibilities for the API are endless given the size and complexity of the market. We are seeing fascinating case studies where one fintech is building an internal Slackbot for their team to query the latest interest rate while on a call with the customer.