Your clients already have the right to share their loan data with you, and they trusted you with all their data to help you complete their loan application. Here's what ongoing access to the home loan you wrote for them unlocks and why the brokers using it are reviewing loans daily, not annually.

Open banking, delivered in Australia through the Consumer Data Right (CDR) lets your clients securely share their banking and home loan data with you, digitally, with their consent. With Stryd, you only ask for the account level information of their home loan, no transaction data is required.

No screenshots, no emailed statements, no shared banking logins and no constant follow-up.

It's an Australian Government initiative, administered by Treasury, with the ACCC responsible for accreditation and compliance and the OAIC for privacy. Only accredited providers can participate. Your client controls what's shared, for how long, and can switch it off whenever they like.

Why it matters to your business

Reviews stop being an annual event.

The traditional loan review happens once or twice a year at best. With ongoing consent in place, you have access to current loan data and when this is being monitored by an approved tech platform, you can proactively spot any major changes in the clients home loan scenario immediately and act on it, rather than discovering it during a point in time manual review.

Retention becomes proactive, not reactive.

Right now, the most likely person to notice your client's rate has drifted is them. Open banking flips that, you’re the one that identifies the change and notifies them - strengthening your position as their trusted advisor.

Better conversations.

Walking into a review with accurate, current numbers and a recommendation of what action to take, changes the tone. You're advising as the expert, not information-gathering.

Equity opportunities.

With a real-time balance, you have a current view of LVR and the equity your client has built up. So now you can communicate about something other than rate, this how you can go above and beyond keeping the current loan competitive.

How it works in practice

• You send your client a consent request from Stryd. This is branded for your business and comes from your email address.
• They confirm their identity with their own bank with a one-time code (no password request) and confirm what they're sharing.
• Their loan data flows securely to you via Stryd.
• You monitor and review from there. Consent is in place for 12 months (the maximum under the CDR rules) and the client can revoke it at any time.

On the client-side, it takes a few minutes. Watch this video for the customer experience - Open Banking - customer experience

Take advantage of Open Banking with Stryd

Stryd brings together live customer loan data, refinance alerts, built-in lender products, and communication tools - so you can retain more clients without doing more work. Everything you need to monitor, engage, and act is in one streamlined platform. 

The content is for general information purposes only and does not constitute financial product advice. AFG does not make any recommendation or representation regarding the products or services mentioned. Please refer to this article for details on your disclosure and compliance obligations when referring clients and receiving referral fees. Any revenue or performance examples are illustrative only and do not represent a guarantee of future earnings. Individual results will vary.