Having already established itself as one of the first challenger banks Down Under, 86 400 is breaking new ground with a digital home loan offering.
The bank, named after how many seconds there are in a year, claims the new offering is a smart alternative to how brokers currently submit client applications and that it makes 86 400 the first provider in Australia to offer fully digital mortgages through brokers.
With the new service, 86 400 is intent on giving brokers the power to tap into an entirely digital solution that cuts the time and paperwork needed to deliver home loan decisions.
The challenger bank says that the process is even up to six times faster than the time it takes for the big four banks in Australia.
Robert Bell, CEO and founder of 86 400, said, “This is a huge moment for the whole team at 86 400, launching our home loans offering just a couple of months after we took our smartbank live to the public. We set out to create an entirely new, smarter approach to the home loans application and through technological innovation and collaboration with equally innovative partners we’ve done just that.”
When FinTech Global interviewed Bell this summer, he told us that the bank was the culmination of two years of hard work finally paying off when the bank received a banking license in July.
86 400 is not the only digital challenger to the status quo. While the new venture threw a quick jab against the traditional banks in Australia, others have attacked it full on.
One of those challenger banks is Judo. Back in October, it accused the Big Four of rejecting a quarter of SME loan requests, describing it as a “significant market failure” that had left Oz’s small businesses facing a AUS$91bn funding gap.
Several representatives from the incumbent banks denied the claims, saying they welcomed SMEs to contact them for loans.
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