NEWS
TECHNOLOGY AUSSIE HOME LOANS OFFERS DIGITAL LENDING has partnered with fintech Tic:Toc to launch digital lending product Aussie Online. Aussie said it was the first to combine brokers, branded home loans and digital loans. “We have a track record of always choosing best-in-breed partnerships ... Tic:Toc are ahead of the market in this digital space, and by partnering with them we’ve been able to draw on their technology and insights for consumers who want to be self-directed in finding their home loan online,” said Aussie CEO James Symond. AUSSIE
MYLIFE MYFINANCE PIVOTS TO BROKER CHANNEL bank MyLife MyFinance (MLMF) will undergo a digital transformation in partnership with Temenos SaaS. MLMF, which was recently acquired by Challenger, will now be able to streamline customer onboarding and assist brokers in speeding up interactions with the bank. Genevabased Temenos specialises in digital transformation of banks. The project and sale to Challenger shows MLMF moving towards the broker channel. AUSTRALIAN
“KOALA allows OnDeck to deliver more funding to a broader range of SMEs without taking on additional risk” Cameron Poolman CEO, OnDeck Australia
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Cameron Poolman, CEO, OnDeck Australia
ONDECK’S NEW CREDIT TECHNOLOGY HELPS SMALL BUSINESSES A new-to-market technology feature known as KOALA has been introduced by small business non-bank lender OnDeck to revolutionise its approach to SME loans SME lender OnDeck has launched a new credit-scoring innovation that is set to totally reimagine the way it approves small business loans. The Key Online Australian Lending Algorithm, or KOALA, will come into effect as part of the way that OnDeck approves SME credit, and is thought to be a unique offering in commercial lending. It will use big data, predictive analytics and statistics, combined FINTECH
with data from credit reporting agencies such illion and Equifax to make intelligent loan decisions. OnDeck says this will allow SMEs to apply for credit and have outside factors, such as their personal lending history and credit score, taken into account by KOALA. The lender is confident it will create a more rounded view of SMEs than traditional models. The new system has already been trialled and resulted in an 11% rise in loan approvals without
adding to risk, a number that is expected to rise to 20% by the end of the year. “The capabilities of the KOALA Score™ give OnDeck Australia a distinct market advantage and improve our approval rate and average loan offers,” said OnDeck Australia CEO Cameron Poolman. “Also, none of our loans have security due to the confidence we have in the model. This is unlike our competitors that will ask for security at different loan sizes. “Moreover, KOALA allows OnDeck to deliver more funding to a broader range of SMEs without taking on additional risk.” These include new businesses that do not have extensive trading data to draw on, as well as sole traders and partnerships.
www.brokernews.com.au
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10/05/2021 1:39:04 pm
