Westpac announced plans to make the mortgage process “as automated as possible” by 2024 as reported in The Australian Financial Review. This highlights the poor record of innovation amongst the traditional lenders. Fully automated digital home lending should not be discussed as the “future” of the mortgage sector. It’s already here, it’s called a Digital Mortgage and it’s time is now.
Traditional lenders are inhibited by outdated systems, antiquated paper-based processes and have failed to innovate and keep pace with new technologies. Unlike Westpac, Nano already has a fully automated digital offering which radically speeds up application approval times, while revolutionising the customer experience and fundamentally changing the unit economics of the mortgage. Just last week, we unconditionally approved a loan in less than 10 minutes and had fully signed, returned loan documents from another customer in under 24 hours.
Nano’s digital home loan shines a spotlight on how outdated traditional lenders are. The real shame here is that Australian borrower’s have had to put up with antiquated thinking, poor response times and a bad customer experience for so long. Nano is leading the way and has shown the industry what innovation really means, finally giving customers what they deserve. Speed, simplicity and fairness. Long response times, endless forms and poor experiences now become a choice, a choice to stay with those that have failed to innovate.
Source: Tony Boyd (2021), ‘Westpac’s new operating model’, The Australian Financial Review, 4th May.