Craggle, a fintech company aimed at helping Australians negotiate a better rate for their home loan, has launched an AI-powered tool aimed at removing all the friction of refinancing and enacting all the basic tasks of a mortgage broker.
Craggle uses the power of crowd-haggling to lobby banks for a better rate on their existing home loan, holding partnerships with many of Australia’s major banks. In less than six months since launch, Craggle has facilitated over $354 million worth in loans and has saved Australians an estimated $1.8 million in interest.
In addition to facilitating the application process, Craggle’s new AI tool leverages open banking technology to ease the process of refinancing a loan by automatically populating forms. It also removes the back and forth communications applicants generally facilitate in any refinancing process.
“This is the first of its kind in Australia, and one of the few real-life applications of Open Banking. With this tool in the market, we’ll be able to help Australians save thousands a year within minutes,” Craggle CEO and Co-founder, Luke Oxley said.
“Many Australians unwittingly end up paying more for their loan than they need to simply because they don’t have the time or the patience to navigate the refinancing process.”
“Conversely, banks end up losing because they punish their existing loyal clientele with redundant paperwork, when they already have all the information they need on hand.”
“We’re solving for both of these problems, using AI to power a private, secure solution that gives the banks the information they need to navigate the query and also saves time for the customer looking to refinance.”
“With many fixed rates expiring in 2024, we couldn’t think of a better time to launch this new service. Australians are already refinancing at a record rate, and this tool makes this easier to manage for both the banks and their mortgage customers.”
“Our customers can also rest assured that we’re taking every step we can to protect their data. Craggle follows the AWS Well-Architected best practices, with a focus on building secure, high-performing, resilient and efficient infrastructure. This framework also ensures the confidentiality of data, protection of systems, and detecting security events as early as possible.”
Craggle’s AI technology was developed in partnership with developers Hello Again and Emergent Labs AI.