Effi teams up with Envestnet | Yodlee to deliver open banking apps that make home ownership easier
Sydney-based Effi, the technology innovator for mortgage brokers, is working with global financial data aggregator Envestnet® | Yodlee ® to deliver open banking apps that make home buying more accessible for Australians.
Effi’s new white-label financial tracker tools are purpose-built personal financial management (PFM) apps powered by open banking.
The Savings Tracker enables mortgage brokers to understand a borrower’s income and spending habits in real time. Together with the broker, the borrower can establish a deposit savings goal and receive support to achieve it.
The Loan Tracker tool goes beyond income and expenditure tracking to allow mortgage brokers to see the current loan balance and predict how future interest rate changes might impact affordability. Brokers get instant alerts on crucial changes, prompting them to reach out to borrowers with timely advice and options. This eliminates the delay and hassle of borrowers emailing bank statements prior to an annual review.
As a technology innovator in the mortgage industry, the Effi platform has been purpose-built to leverage fintech solutions that drive efficiency for mortgage brokers in delivering a modern, value-added service.
“In the current environment, with rising living costs and interest rates, mortgage brokers play a vital role assisting borrowers to navigate big decisions,” said Mandeep Sodhi, Founder & CEO at Effi. “Loan Tracker helps brokers to support borrowers to take the right steps at the right time, preventing costly mistakes and mortgage stress,” he said.
Effi’s Savings Tracker and Loan Tracker tools are enabled by Envestnet® | Yodlee ®, an Accredited Data Recipient authorised by the Australian Competition and Consumer Commission for open banking under the Consumer Data Right (CDR), a national regime that gives consumers the right to request electronic sharing of their bank data with an approved third party to support choice, confidence and convenience.
“Increasingly, mortgage brokers are stepping into the role of trusted advisors rather than transaction agents and fintech apps powered by open banking technology are the perfect way to deliver that service at scale,” said Taner Uzelakcil, Director of Business Development A/NZ at Envestnet | Yodlee.
