More lenders will have the opportunity to provide mortgage borrowers faster approval times as Nano unveils its Nano Lending Solutions business.
Nano Lending Solutions aims to provide lenders the platform to match the speedy, paperless, and digital application approvals, allowing them to improve their overall customer experience.
New service standard
Nano co-founder and chief executive Andrew Walker said the technology the new business provides is not only scalable, but also cost effective in radically improving the lender’s “time to say yes”.
“Rapid, seamless and near instantaneous decisioning is moving from being a differentiator, to a baseline capability — approvals in minutes, not days or even weeks, will quickly become the expectation of both customers and brokers,” he said.
Mr Walker said the Nano Lending Solutions is not just a digital application that is handed to a loan officer or credit underwriter to review.
“The platforms proprietary algorithms drive digital approval as well – meaning we can unconditionally approve loans without any manual intervention, creating the world's fastest time to yes,” he said.
“Our technology is available to lenders who want to accelerate their digital innovation and not be left behind, as the market shifts to a new service standard.”
AMP Bank was among the first lenders who tapped Nano — the bank partnered with the digital lender to begin offering digital mortgage by the third quarter of 2022.
“Not only were we first to market with our technology in providing customers with a loan decision in under 10 minutes, unlike our competitors including the major banks, there is no paperwork required — this has put us materially ahead of the market and has been a key pillar of our rapid growth,” Mr Walker said.
Approval delays hurting property buyers
A recent study by Nano showed that a fifth of borrowers were not able to secure a property deal despite having pre-approval from their lender.
For a third of borrowers, they are worried about losing their deposit due to substantial delays in loan approval.
The study further found that for 70% of borrowers, their lenders took at least a week to approve their home loan, while around a fifth said it took over three weeks.
Mr Walker said the approval times among some Australian lenders aren't keeping up with the fast-moving property market.
“Traditional lenders slow approval times add an unnecessary layer of anxiety to an already complex process — when you combine this with a fast-moving property market, it makes an already stressful process even more daunting,” he said.
Photo by @voyas on Unsplash
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