Bendigo Bank will offer automated home loan approvals using technology developed in Adelaide
Bendigo Bank will launch an automated home loan approval platform in the new year using technology developed by Adelaide start-up Tic:Toc.
Bendigo Bank will launch an automated home loan approval platform in the new year using technology developed by Adelaide start-up Tic:Toc.
As part of a white label agreement, the country’s fifth largest retail bank will become the first lender to offer the Tic:Toc technology under its own branding when it introduces Bendigo Bank Express to its home loan customers.
Bendigo and Adelaide Bank holds a 27 per cent stake in Tic:Toc, and provides the funding for loans processed through the fintech intermediary.
Bendigo and Adelaide Bank managing director Marnie Baker said Bendigo Bank Express would be available to customers early next year, representing a continuation of the company’s digital strategy following last month’s launch of digital bank Up.
“Our partnership with Tic:Toc is another example of Bendigo and Adelaide Bank investing in innovative technologies to offer Australian consumers more choice, and ultimately, better digital experiences,” she said.
“Our strategy means we can provide the best solution to customers by selecting the right partner to offer the right services to meet our customers’ needs and make it easier for them to do business with us.”
Tic:Toc was launched in July last year, promising to help banks meet stricter responsible lending obligations through the automation and digitisation of the mortgage application process.
Using in-built regulatory checks and digital validation of income and expenditure, it promises to slash the time needed to approve a loan from weeks to 22 minutes.
Since its launch, the platform has received more than $1.6 billion worth of home loan applications, and amassed a mortgage portfolio of approximately $230 million.
Tic:Toc chief executive Anthony Baum said fintechs continued to shake up the traditional banking sector.
He said Tic:Toc would continue to offer its service direct to customers while white labelling agreements with other lenders progressed.
“Tic:Toc is changing the customer experience when it comes to home loans,” he said.
“Our automated assessment and approval technology also creates dramatic cost efficiencies for lenders.
“You only need to look to the United States to see how a digital home loan can change a market - Quicken Loans is now America’s largest home loan lender after launching their online product Rocket Mortgage.”
In July Tic:Toc raised $11.5 million from investors including Genworth Australia and La Trobe Financial, in part to help progress its white labelling strategy.