Craggle, an Australian fintech company that helps consumers secure better loan rates and assists banks in keeping their customers, has launched a revolutionary AI tool for refinancing home loans. This move marks the first of its kind in Australia, aiming to eliminate all the hurdles associated with refinancing and performing all the basic functions of a mortgage broker.

The firm, which was established a mere year ago, has already made significant strides by partnering with many of Australia's principal banks. Impressively, within six months since its launch, the company has managed to facilitate an excessive $354 million worth in loans, saving Australians around $1.8 million in interest.

According to Luke Oxley, Craggle CEO and Co-founder, "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." The innovative AI tool utilises open banking technology to simplify the process of refinancing a loan through tasks such as form automation and minimizing unnecessary communication often involved in the refinancing process.

In many instances, Australians may be paying more for their loan due to lack of time or patience to navigate through the involved refinancing process. Additionally, banks risk losing customers due to persistent redundant paperwork when the necessary information is already available.

Oxley indicates that Craggle is addressing these issues through their AI-powered tool, stating, "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."

The launch of this service comes at an opportune time, especially with a vast number of fixed rates due to expire in 2024. Given that Australians are currently refinancing at a record level, this tool could be instrumental in managing both the banks and their mortgage customers more efficiently.

Concerning data security, Craggle has taken considerable steps to protect customer data. It adheres to the AWS Well-Architected best practices, focusing on building a secure, high-performing, and efficient infrastructure. This framework facilitates data confidentiality, system protection, and early detection of security events.

The AI technology used by Craggle was developed in collaboration with Hello Again and Emergent Labs AI. Certainly, the launch of this AI tool for refinancing home loans sets a new benchmark in optimizing the loan process in Australia.