Melbourne-based personal financial management and data-sharing app diñeiro has selected Envestnet®|Yodlee® to supply live financial data and analytics so mortgage brokers can understand a borrower’s full financial position seamlessly via the consumer app.  

As a technology innovator in the mortgage industry, the diñeiro app has been purpose-built to leverage both the open banking framework under Australia’s Consumer Data Right (CDR), and third-party data providers, to allow consumers to link their bank accounts, credit cards, loans, superannuation, insurance, motor vehicles and residential property into one single digital platform.

For brokers, a connected dashboard reports on income by source, categorised expenses and shows transactions for linked bank accounts.  This enables mortgage brokers to quickly and easily see up-to-date financial information required for responsible lending standards.  Moreover, if the client’s property search is lengthy, or the loan approval process becomes drawn-out, the app keeps this information current and accessible, so it is easy to update the lender and obtain any necessary reapprovals. 

Benjamin Shapira, Founder of diñeiro, said: “In a broker industry first, diñeiro’s technology makes it really easy for a borrower to aggregate their financial position and share this data with their broker in a single click.  Brokers can also white label the app, so it’s customised with their logo and branding.” 

CDR gives bank customers the right to share their banking data between service providers of their choosing, in order to support consumer choice, confidence and convenience.  Envestnet | Yodlee is an Accredited Data Recipient able to supply both CDR and non-CDR data sets to the financial services and fintech markets in Australia. 

Carol Kierans, Senior Customer Success Manager A/NZ at Envestnet | Yodlee said: “We’re thrilled to be working with diñeiro to help mortgage brokers and their clients save time and hassle by linking financial data into a single source.  When borrowers share information manually, brokers only get a snapshot of their clients’ finances, whereas with diñeiro they can have ongoing access to near real-time data plus analytics.”

Having ongoing visibility of a client’s financial position, via the diñeiro dashboard, brokers can nurture first-time home buyers via goal setting.  Additionally, through diñeiro, brokers can see the equity in their clients’ property portfolios and reach out at the right time with information about refinancing.

“With over 70% of new home loans originating from mortgage brokers, the role of brokers as trusted advisors continues to gain momentum and with that comes increased expectations from clients about the service they receive from brokers,” said Mr Shapira.  “Underpinned by Envestnet | Yodlee's data aggregation capability, diñeiro's platform ensures brokers are well placed to enhance their value proposition to borrowers.”