Fintech lender partners with Oracle

Nano Home Loans has announced a partnership with retail banking, corporate banking, and insurance technology solutions provider for the banking industry, Oracle Financial Services to provider its customers with digital onboarding services.

Under the partnership, Nano has secured an innovation patent for its proprietary real-time loan application and decision-making technology and is now a member of Oracle PartnerNetwork.

It is expected that customers would be able to secure a home loan approval within minutes rather than weeks.

It would also mean that jointly, Nano and Oracle would be able to meet the requirements for all Australian lenders ranging from tier 1 to tier 3 banks and non-bank lenders.

Nano Home loans cited survey results of 1,000 people aged 18 and over that found that 76 per cent said that the home loan approvals process is too long and complex. Furthermore, it said that for many traditional lenders, technology platforms inhibit a 360-degree view of the customer, while closed technology prevents quick integration with lending vendors, whose products or services are specifically designed to complement the traditional mortgage process.

As such, this partnership would seek to address these issues through an open-architecture approach, data decisioning, and process automation, according to Nano.

It would use origination-centric open APIs to aggregate data from trusted third-party sources and financial institutions, which would help eliminate the need to gather and process documents, it added.

The digital lending origination platform would cater to all loan products across multiple channels to provide a complete lending life-cycle approach from origination, servicing, and collection.

It would also provide end-to-end onboarding and automated decisioning through the use of data, algorithms and design.

Commenting on the partnership, Nano Home Loans CEO and co-founder Andrew Walker 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.”

Chaitanya Rastogi, general manager Australia and New Zealand Oracle Financial Services said: “Traditional banks struggle to keep up with the simplicity, cost efficiency, speed, and agility that digital lenders offer customers.

“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 home ownership experience.”

Nano Home Loans officially launched in June this year and became available to the public wishing to refinance their home loans, after being in soft launch phase following its rebranding from its previous name of Verteva. It confirmed that it is “co-developing” a digital home loan solution to brokers.

[Related: New digital mortgage lender officially launches]

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.