Fintech lender Nano Home Loans has partnered with fintech Oracle Financial Services to provide a joint service that would enable fast-tracked mortgage approvals.
Nano recently secured an innovation patent for its proprietary real-time loan application and decision-making technology that can grant mortgage approvals within minutes.
Furthermore, Nano is now a member of Oracle Partner Network, allowing it to meet the requirements for all partner lenders.
Nano Home Loans co-founder Andrew Walker said the partnership with Oracle would deliver a better customer experience.
"Combining Nano’s innovative and data-led credit onboarding with Oracle’s trusted and proven banking platform allows partner banks to realise the benefits of the digital mortgage revolution along with the scale and experience that comes from the world’s leading banking platform provider," he said.
Oracle and Nano employ digital technologies with an open-architecture approach.
Through these technologies, they can aggregate data from trusted third-party sources and financial institutions, helping them eliminate the need to gather and process countless documents.
According to Oracle and Nano three in four Australians think the approval process is too long and complex with mortgage approvals taking up to 24 days.
Oracle Financial Services for Australia and New Zealand general manager Chaitanya Rastogi said many traditional banks find it difficult to keep up with the simplicity, cost efficiency, and speed of digital lenders.
"We continually hear clients asking for innovative, cost-effective services to provide a better lending experience for their customers," he said.
Australia's digital home loans market is expected to surpass $100bn in the in the next five years and Mr Rastogi said the partnership between Nano and Oracle will take advantage of this take-off.
"The joint proposition can provide innovative and disruptive technology capabilities that can be utilised by lenders of all sizes, enabling them to differentiate, disrupt, and deliver an integrated world-class digital home ownership experience," he said.
Nano and Oracle are just two of the many industry players that are beginning to realise the importance of faster mortgage approvals.
Recently, non-bank lender TechLend rolled out a similar technology that can assess bridge loans applications and provide pre-approval within an hour.
Using proprietary algorithms, we use have been built on modern frameworks, TechLend's technology can sort through credit reports, bank statements, and property data.
Photo by Jaelynn Castillo on Unsplash.