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The boutique aggregator is to roll out a white labelled version of the open banking platform to provide broker clients with a comprehensive overview of their finances.
Aggregation and broking group My Local Broker has entered into an agreement with fintech company diñeiro to provide its 130 broker members and their clients with access to open banking data.
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diñeiro is a personal financial management (PFM) and data-sharing company that provides a white label PFM app to brokers and financial services companies. It was launched last year by founder Benjamin Shapira after he became frustrated with his inability to keep his broker up to date with his financial position during a drawn-out search for a property purchase.
The open banking platform, which recently won the Technology Service Provider of the Year award at the Australian Broking Awards 2023, enables brokers and their clients to budget and track savings goals and equity milestones, while also enabling brokers to assess their clients’ pre-qualification status using up-to-date information.
Under the agreement, brokers operating under the My Local Broker network will be able to offer clients access to a My Local Broker branded version of the diñeiro app from later this month (September).
Speaking of the partnership, My Local Broker chief executive Scott McTeare said that the new app would give broker clients “a far greater understanding of their financial position day in, day out” and could streamline the time it takes to gain access and evaluate customer data, ultimately resulting in sticker clients.
He commented: “Our brokers’ ability to remain connected to their client’s ongoing financial circumstances via diñeiro’s broker portal will allow them to be genuinely strategic about the timing and context of conversations they have with their clients.
“We have no doubt the client retention will benefit greatly as a result.”
Mr McTeare added: “Technology in the industry has historically centred around the needs of the broker, rather than the needs of their clients.
“What attracted us to diñeiro is that it does both, and we recognised immediately that this would be enormously beneficial to our broker network.”
diñeiro CEO Andrew Gooding commented that the fintech was “excited” about its first aggregator partnership, adding that it “demonstrates My Local Broker’s desire to provide their network of brokers with tools that will help them thrive as business owners”.
Mr Gooding told The Adviser that the My Local Broker partnership was the fintech’s largest partnership to date and builds on its agreements with My Expert®, Mortgage Domayne, and The Lending Lab. It is reportedly in conversations with a number of other aggregators.
The CEO said the fintech was continually gaining broker feedback and evolving its product in line with customer needs.
“Currently, we are working on a ‘push-of-a-button’ annual report for clients,” the CEO added, suggesting that this would allow brokers to generate a customised report that shows their clients’ financial position year on year including any equity earned, their spending habits, and how they’ve changed.
[Related: New CEO, CTO announced at diñeiro]
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