4/14/2023 0 Comments Tictoc loans![]() It’s not the technically easiest product on the market but it is the most secure. Yodlee in itself just provides the data, and we never see any of your credentials. It provides, through a secure link, a data extract from your bank account that facilitates us being able to digitally validate your financial position and make sure we’re lending to you responsibly. Yodlee is a vendor of screenscraping technology, a very secure piece of technology – it’s used by 10 of the 12 largest US banks. What’s Yodlee and how does it add value to Tic:Toc? We think that ultimately the vast majority of Australians will complete virtually all of their financial services requirements digitally. We’re really passionate about giving that consistent, fast, compliant experience and using the technology to reduce costs and pass that on to the consumer. It’s really simple and clear on our products – I can’t believe how complicated we as an industry have made product communication with the consumer. We have also had a window of opportunity to do a few other things, and the first is that we’ve removed all asterisks from our website. And we think customers demand that, so it’s up to us as an industry to meet that preference. And that means that traditional distribution networks and traditional distribution structures (because there’s obviously brokers in the market) will get impacted by that transition. We see Tic:Toc as the first example of that transitioning to the most complex part of the consumer financial requirement, which is a home loan. You talk about customer expectation – do you see customer needs determining future lending practices, and banking practices in general?Īustralians love meeting their financial services needs digitally – that started a decade ago with internet banking and the ING account. All of the benefits of being able to throw the whole process out and start again with new technology could be achieved, which is what we did. I ran half of Australia’s largest bank and the reality is: technology enables a much better customer experience than has ever been offered before, so we saw that opportunity, and we also saw that the opportunity was not within a bank, but in partnership with a bank. You’ve been in banking for close to 30 years – what are the most frustrating things for a consumer getting a home loan from a traditional bank? We felt that Tic:Toc was giving that time back, being able to complete your home loan experience and fulfilment in a much shorter amount of time, both upfront in terms of the application, as well as removing that whole anxiety period where you’re waiting a month for an answer. You need to find documents, there are repeat visits to see a broker or a bank – it’s quite an investment, as much emotionally as physically. If you think about fulfilling a home loan it’s a very time-consuming process that comes with hassle, anxiety and often doubts. We interviewed Anthony Baum, founder and CEO about how Tic:Toc meets customer needs. Launching in July 2017 as an entirely digital lender with a platform promising 22-minute home loans, Tic:Toc received $515M worth of full applications within six months, a result they celebrated with partner Bendigo and Adelaide Bank.
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