Nano announces major B2B expansion plan to bring fast, digital mortgages to all
Australian digital home loan lender Nano has announced the launch of its Nano Lending Solutions business, set to power lenders across Australia, and around the globe in a major B2B expansion drive.
While Nano’s own digital consumer lending business continues to grow rapidly, the increasing demand from other lenders to match the speedy, paperless application and digital decisioning to improve their own offering and customer experience, is now core to Nano’s strategic direction.
“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,” said Andrew Walker, Co-Founder and Chief Executive 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.”
“The Nano Lending Solutions platform is not just a digital application, which is a handed to a loan officer or credit underwriter to review. The platforms 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 added.
Nano’s B2B operation, Nano Lending Solutions, 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,” Walker said.
Nano’s unique technology platform automates the whole loan application and decision-making process, streamlining the property finance market with the aim of eliminating all the stress and anxiety borrowers generally experience while waiting for a loan approval.
AMP Bank relationship accelerates innovation
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. Details of this partnership will be announced closer to launch date.
“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, there is no paperwork required.”
“This has put us materially ahead of the market and has been a key pillar of our rapid growth,” said Walker.
Global B2B expansion now in focus
Global expansion is also now firmly on the horizon in Nano’s B2B growth plans.
Mr Walker explained: “If you look at the United Kingdom, Canada or the US, the problems with the lending industry are the same as in Australia. 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. In-bound 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,” he said.
“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” Mr Walker concluded.