The partnership will allow customers to secure home loan approval within minutes
Oracle Financial Services and Nano Home Loans have announced a partnership to provide Australian home buyers with digital onboarding.
Nano has secured an innovation patent for its proprietary real-time loan application and decision-making technology and is now a member of the Oracle PartnerNetwork. This means that jointly, Nano and Oracle can meet the requirements for all Australian lenders. Under the partnership, customers should be able to secure a home loan approval within minutes rather than weeks, the companies said.
Australia’s digital mortgage market is expected to surpass $100 billion in the next five years, the companies said. The partnership between Nano Home Loans and the Oracle Banking Platform will deliver speed, certainty and simplicity to customers, catering to both simple and complex home loans for consumer and SME customer segments, the companies said.
“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,” said Andrew Walker, co-founder and CEO of Nano Home Loans.
“Traditional banks struggle to keep up with the simplicity, cost-efficiency, speed and agility that digital lenders offer customers,” said Chaitanya Rastogi, general manager for Australia and New Zealand at Oracle Financial Services. “We continually hear clients asking for innovative, cost-effective services to provide a better lending experience for their customers. 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 homeownership experience.”
Mortgage approvals can take up to 24 days, and 76% of Australians say the process is too long and complex, according to industry reports. Many traditional lenders are hampered by legacy platforms, while proprietary closed technology prevents quick and seamless integration with many vendors, Nano and Oracle said.
The partnership between Nano and Oracle aims to address these problems through digital technologies combined with an open-architecture approach, progressive data decisioning, and complete process automation. The service uses origination-centric APIs to aggregate data from third-party sources and financial institutions, reducing the need to gather and process documents.
The service will deliver:
- A complete lending lifecycle approach from origination, servicing and collections, through a single platform
- A fast, innovative and frictionless customer experience through Oracle’s scalable platform
- End-to-end seamless onboarding and automated decisioning
The service is specifically built for the Australian market, the companies said.