Australian Finance Group Collaborates with Stryd to Boost Customer Retention
In a major boost to its technological capabilities, Australian Finance Group (AFG), one of the country’s largest mortgage broking groups, has partnered with Stryd, a Perth-based fintech company. The collaboration aims to provide AFG’s network of 4300 mortgage brokers across Australia with a state-of-the-art retention software. This move is expected to significantly enhance AFG’s customer retention capabilities and streamline its overall business operations.
Stryd Broker Functionality Integrated into AFG’s Suite360
As part of the collaboration, the Stryd Broker functionality will be integrated into Suite360, the comprehensive technology platform developed by AFG. Suite360 serves as a central hub for AFG brokers, facilitating key business touchpoints such as CRM, analytics and marketing. The Stryd Broker functionality, a flagship product of the fintech company, provides a tech-enabled client retention tool and a holistic customer service workspace.
Sam McCready, Chief Digital Officer of AFG, commented on the integration, stating, “Our integration of Stryd into Suite360 means AFG brokers can access a tech-enabled client retention tool and a customer service workspace all in one central location.”
Streamlining Operations through Secure API Integration
The collaboration between AFG and Stryd has resulted in the development of a secure API integration between their systems. This integration allows AFG brokers to seamlessly integrate Stryd into their operations with negligible effort. The streamlined approach is expected to enhance the efficiency of AFG brokers and enable them to provide improved and timely services to their clients.
Stryd and AFG: A Fruitful Collaboration
The collaboration between AFG and Stryd has been in the testing phase since last year. A pilot group of broker businesses have utilized Stryd Broker’s proactive retention features to identify over $6m of first-year interest savings for borrowers across $1.1bn of loans, showcasing the potential benefits of the collaboration.
McCready further elaborated on the advantages provided by Stryd, saying, “Stryd provides critical visibility for brokers to see all their customers’ loans and proactively monitor their book for new opportunities in today’s market. This digital monitoring is designed to eliminate manual and reactive work by making retention proactive and it also offers the benefits of open banking.”
Enhanced Visibility Enabled by Open Banking
The integration of Stryd is facilitated by open banking and provides AFG brokers with a comprehensive, real-time view of their residential loan customers and loan book. Brokers can request a Consumer Data Right (CDR) consent from customers and gain access to live open banking data about their customers’ current loans. The integration is expected to include offset accounts by mid-2026, further expanding the scope of customer data accessible to brokers.
By harnessing the power of open banking and the advanced capabilities of Stryd’s software, AFG is positioning itself to deliver superior services to its customers and enhance its market competitiveness. The collaboration is a significant step towards the digital transformation of Australia’s mortgage broking industry and is expected to set a benchmark for other industry players.
Read more about this exciting collaboration Here.
