Stay or Go, created by two former ANZ executives, offers banks a platform to help pitch offers to prevent customers switching.
With hundreds of billions of dollars of fixed rate mortgages expiring over the next few years, two former major bank executives hope their start-up, Stay or Go, can not only show customers better deals in the market but assist desperate banks to retain them, by making it easier to present counter offers.
Stay or Go will tackle this by targeting borrowers with search engine optimisation marketing, and using the government’s open banking regime to examine products and display alternative offers, both from alternative lenders and customers’ existing bank.It will earn a revenue stream, via a commission, if a customer switches – but also from the existing bank when a customer decides to stay.
Stay or Go has already established its model in the credit card market: 50,000 people have come to its website for advice on alternative deals, and around 10,000 have been enticed to stay with their bank. Those who do not want to share data can answer simple questions about their product to use the service, which has no costs for customers.Two of the big banks have struck a deal with Stay or Go to provide tailored credit card offers to customers considering switching away.
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