Briefs: Up launches money management tool, AFG prepares for broker consolidation 06 December 2023 5:21AM Banking Day staff Briefs, Bendigo and Adelaide Bank, IT systems, Non-bank lender, Broker Bendigo and Adelaide Bank’s youth-focused digital brand Up has launched a money management tool, Hi-Fi, that promises to help consumers get their finances under control by automating bill payments and savings plans. It also alerts the customer about how much spending money they have left over until the next pay day. Accompanying the product launch, Up released the results of a survey of Millennial and Gen Z consumers that highlights poor savings habits as respondents’ biggest concern. Mortgage aggregator and lender AFG is positioning for consolidation in the broker market, which it says is inevitable because of growing pressure on brokers to invest in technology to meet consumer demand for digital services, as well as the industry’s ageing demographic. AFG has 3800 affiliated brokers of an estimated 19,000 brokers in the market currently. AFG chief executive David Bailey said the company is well positioned to benefit from consolidation because of its strong track record helping larger broker groups grow.