Helping lenders improve their “time to yes”

  • By Zilla Efrat

As part of a major B2B expansion drive, home loan lender, Nano is set to help other lenders in Australia and overseas improve their “time to yes” through its Nano Lending Solutions.

Nano says its own digital consumer lending business continues to grow rapidly, but it has picked up increasing demand from other lenders who would like to match its speedy, paperless application and digital decisioning to improve their own offerings and customer experience.

“The technology platform we have built is scalable, cost-effective, and radically improves a lender’s ‘time to yes’, and with this, the customer experience,” says Andrew Walker, co-founder and CEO of Nano.

“The new battleground in lending is ‘time to yes’ and Nano Lending Solutions is the global benchmark. 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.”

Walker says the Nano Lending Solutions platform is not just a digital application which is handed to a loan officer or credit underwriter to review.

“The platform’s 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 says.

Nano’s B2B operation licences its lending origination platform to other banks and large non-banks, enabling them to provide their customers with faster loan approvals and a step change in customer experience.

“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,” says Walker.

Earlier this month AMP Bank announced a major platform relationship with Nano, enabling it to begin offering a digital mortgage to customers in the third quarter of 2022.

Following AMP Bank, Nano is also working with another Australian bank to deliver new customer and broker experiences that leverage its advanced technology by the end of this calendar year.

“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, but there is also no paperwork required,” says Walker.

“This has put us materially ahead of the market and has been a key pillar of our rapid growth.”

Global B2B expansion is now in focus for Nano.

“If you look at the United Kingdom, Canada or the United States, the problems with the lending industry are the same as in Australia,” says Walker.

“Old traditional banks have a significant market share and power. Consumers are fed up with their archaic, confusing, slow processes. Some have improved incrementally, but true innovation in lending origination is still lacking. Inbound enquiries from players in these markets has accelerated our international plans.

“The UK, for instance, is reporting that buyers are snapping up properties twice as quickly as in 2019, so there is increasing pressure there on lenders to work quickly.

“Our technology platform will speed up loan approvals for the whole financial system and create the next generation of market leaders, leaving those who only compete with low rates, vulnerable during this inflationary market.