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Australian Fintech Craggle Unveils AI-Powered Tool for Home Loan Refinancing

Craggle, a fintech company aimed at helping Australians secure a better rate for their home loan, has launched an AI-powered tool aimed at removing all the hassle of refinancing.

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.

Craggle, an online intermediary platform, has facilitated more than $354million worth in loans and has saved Australians an estimated $1.8million in interest in the past six months since launch.

“With this tool in the market, we’ll be able to help Australians save thousands a year within minutes,” says Craggle CEO and co-founder, Luke Oxley. “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.”

According to Oxley, 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.


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