Fintech Tic:Toc launches SaaS product to help banks lend more efficiently and responsibly

Australian fintech Tic:Toc has today launched its first SaaS product – XAI Validate – built for lenders, brokers and fintechs to make accurate financial decisions, faster.

XAI Validate, comes as a response to updates in Responsible Lending Guidance (RG209), which highlight shortcomings in Australian lenders’ ability to gain a complete understanding of income and spending. The technology will also leverage imminent Open Banking regulation.

The SaaS product utilises Explainable Artificial Intelligence (XAI) models to enrich customer data and automate customer fulfillment and underwriting processes, which staff can interact with to review or make decisions.

Tic:Toc’s customer facing home loan business already utilises the technology and has achieved an 85% efficiency gain in home loan assessment; providing a mortgage contract to a customer in under an hour from application commencement, and with as little as 12 minutes of human involvement.

Tic:Toc founder and CEO, Anthony Baum, says it’s the Australian customer that will ultimately benefit from XAI Validate.

“XAI Validate dramatically reduces the time and cost of delivering a home loan, which means customers can access cheaper home loans with faster turn-around times.

“Our software will also help lenders minimise credit risk while maximising growth, enabling leaner and scalable operations. On our entire home loan portfolio, Tic:Toc currently has zero loans over 30 days in arrears,” said Mr Baum.

The world first technology from the Tic:Toc Enterprise arm leverages the success of Tic:Toc’s  home loan platform, which has amassed a $600m portfolio since its launch and currently experiencing 8-10% growth each month.

XAI Validate was developed over three years, by Tic:Toc’s team of financial services, software, data, UX and customer experts, along with engagement with the fifth largest retail bank, Bendigo and Adelaide Bank and ASIC.

Late last year, Bendigo and Adelaide Bank entered a white label agreement with the fintech, becoming the first lender to offer Tic:Toc technology under its own branding with the introduction of Bendigo Express.

XAI Validate enquiries can be made at tictoc.ai.