Bendigo Express, an instant home loan from Bendigo Bank, launched earlier this week. The fully digital home loan platform is powered by Tic:Toc.
Anthony Baum, Founder and CEO of Tic: Toc said he was excited that Bendigo and Adelaide bank was embracing this innovation to improve customer experience.
“We created Tic: Toc because we knew there was a better way for Australians to get their home loans.”
Bendigo and Adelaide Bank’s partnership with Tic:Toc allows the Bank to offer customers a streamlined digital fulfilment process. The white label partnership was first announced in November 2018.
Representatives from Bendigo and Adelaide bank say automated assessment strips cost from the process and delivers on higher lending standards via inbuilt digital validation of income and expenses.
“The agreement with Tic: Toc supports our strategy to offer customers more choice and intuitive digital experiences,” said Marnie Baker, Managing Director of Bendigo and Adelaide Bank.
Tingting Shen, 35, from Niddrie in Victoria said she used the instant home loan technology to purchase her home and found the ease, speed and convenience compelling factors in her decision.
“I did the whole application within the time of my morning tea-break! I submitted my proof of identity and evidence of income all online. Despite being an online service, the experience was personal and warm, there was no problem getting in contact with someone,” said Shen.
“The credit assessor and the manager were contactable via email and phone on the day.”
“Today’s announcement is a direct reflection of Bendigo and Adelaide Bank’s continued targeted investment in innovation that matters to Australian consumers,” said Ms Baker.
“Offering our technology platform as a service for Bendigo and Adelaide Bank is our first enterprise partnership that will benefit from our automated assessment and approval technology,” said Mr Baum.