Fintech lender Nano Home Loans has partnered with fintech Oracle Financial Services to offer a joint service that would enable expedited mortgage approval.
Nano recently secured an innovation patent for its proprietary real-time loan application and decision technology that can issue mortgage approvals in minutes.
In addition, Nano is now a member of the Oracle Partner Network, thus fulfilling the requirements of all partner lenders.
Andrew Walker, co-founder of Nano Home Loans, said partnering with Oracle would provide a better customer experience.
“Combining Nano’s innovative and data-driven credit onboarding with Oracle’s proven banking platform enables partner banks to take advantage of the digital mortgage revolution along with the size and experience of the world’s leading banking platform provider,” he said.
Oracle and Nano use digital technologies with an open architecture approach.
Using these technologies, they can aggregate data from trusted third-party sources and financial institutions, eliminating the need to collect and process tons of documents.
According to Oracle and Nano, three in four Australians think the approval process is too long and complex, as mortgage approvals take up to 24 days.
According to Chaitanya Rastogi, Oracle Financial Services’ general manager for Australia and New Zealand, many traditional banks are struggling to keep up with the simplicity, cost-effectiveness and speed of digital lenders.
“We hear all the time customers are asking for innovative, cost-effective services to provide their customers with a better credit experience,” he said.
The Australian digital home loan market is expected to exceed $ 100 billion over the next five years, and Mr Rastogi said the partnership between Nano and Oracle will benefit from this launch.
“The joint proposal can provide innovative and breakthrough technology capabilities that can be leveraged by lenders of all sizes, enabling them to differentiate, disrupt and deliver a world-class integrated digital home ownership experience,” he said.
Nano and Oracle are just two of many industry players realizing the importance of faster mortgage approvals.
Recently, non-bank lender TechLend introduced similar technology that can review bridging loan applications and issue pre-approval within an hour.
The proprietary algorithms we use were built on top of modern frameworks. TechLend’s technology can sort credit reports, bank statements and real estate data.
Photo by Jaelynn Castillo on Unsplash.