CEO says its platform will be a "dominant force" in the third-party channel
Nano has created a stir in the Australian mortgage industry since it launched the world’s fastest mortgage process just over a month ago. According to CEO Andrew Walker (pictured), the wholly digital lender, which boasts approval of a 1.99% loan in as little as 15 minutes, is set to disrupt the market even further when it moves beyond refinances to cater to new purchase clients in Q4 this year.
As a direct-to-consumer business, Nano is not available to brokers, however the third-party is set to benefit from Nano’s platform capabilities in a matter of months, Walker told MPA.
“Brokers offer an incredible customer service,” he said. “They take complex processes and they make them simple for the customers.
“But the key thing that’s going on now, if you think about it from a wider perspective in the industry, is that customers want to interact digitally. Digital is the customer channel of choice, and that’s an inevitable shift that we’ll see in home loans. How you weave that digital journey and experience into the broker value proposition is something that has yet to be solved, but something that’s pretty exciting and we’re working on that now.”
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He pointed to “time to yes” as being a key dynamic in the industry.
“Time to yes, certainty and predictability - those three things are actually really key factors for brokers to consider, and we’re developing a proposition that we think brokers will find pretty exciting in that space,” he said. “Hopefully we’ll be able to land the best of both worlds where you get the immediacy, predictability, certainty of a digital experience combined with that great customer experience that brokers offer.”
He wouldn’t reveal whether the product would be offered as a white-label option, saying that was “yet to be developed,” however he did draw a distinction between Nano as a direct-to-consumer business and the company’s platforms business that offered “technology to improve people’s customer experience.”
In any case, the ex-Westpac executive foresees the offering as being “quite a dominant force moving forward.”
