Anyone who has taken out a home loan or refinanced recently can attest to the fact that it is a tedious and time-consuming process.
But if Baum is right, the biggest source of Australian bank profits is on the cusp of a major shake-up. Tic:Toc is different in that it is not trying to manage the balance sheet risk. Instead, it provides software that approves loans that are then held by Bendigo and Adelaide Bank. It makes most of its revenue by receiving a margin on top of the cost of funds it receives from Bendigo.
“Tic:Toc is a very efficient factory,” he says. “That very efficient factory could be used by multiple players to distribute home loans.” After training as an economist, Baum got a taste of the risks in banking as a graduate, when he joined the State Bank of South Australia the same year it collapsed.
”As open banking evolves, and as our data enrichment and automation models get better and better, then absolutely we will be at the point where the majority of Australians can do a paperless home loan in real time in an hour,” he says.
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