Manual processes now automated
RedZed has moved to a digital bank operating system, which it says will expedite approvals and settlements.
The non-bank lender, which specialises in residential and commercial loans for self-employed borrowers, said the new system would increase automation, improve loan volumes, and reduce the cost of writing new loans.
To accommodate increased demand, RedZed looked for a solution to automate and standardize the application process for residential mortgages. The nCino Mortgage Solution used by RedZed is an integrated system covering the mortgage application process, from multi-channel application and pre-approvals, through to underwriting, offers, and closing.
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RedZed chief credit risk officer Stephen Gorman (pictured) said delivery of the project, completed with teams from nCino and PwC Australia, would enable borrowers and lenders to receive a “personalised and integrated experience”.
“nCino’s Mortgage Solution exceeded the expectations of everyone in our organisation and will provide our borrowers and lenders with a personalised and integrated experience that is seamless, transparent and simple,” Gorman said.
Strong SLA performances were part of RedZed’s history – and were something customers had come to expect, he said. As the company continued to grow, introduction of a quality origination system was deemed as “critical”.
“nCino now provides us with a system that streamlines our processes and integrates with third party systems like Loanapp. Integrating with those third-party systems like Loanapp results in improved broker efficiency and will enable RedZed’s fast SLA performance to continue well into the future,” Gorman said.
Catering to the needs of self-employed borrowers, who were more likely to have urgent finance needs, required the ability to provide fast access to funds.
“As a lender dedicated to assisting self-employed borrowers, it’s incumbent on us to be able to fulfil their urgent needs as they arrive,” Gorman said. “nCino automates many previously manual processes for RedZed, freeing up time for our experienced assessors to understand each borrower and expedite approvals and settlements.”
Brokers could use their aggregator platforms to lodge loan applications directly with RedZed, he said. Document placeholders helped to ensure each supporting document was received.
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The nCino Mortgage solution provided tools to maintain compliance with the National Consumer Credit Protection Act 2009 (NCCP). It would also enable RedZed to manage the client portfolio, connecting front and back office to enable them to grow more cost effectively.
nCino managing director - Australia and New Zealand Mark Bernhardi, said nCino was committed to providing a “flexible and adaptable platform” enabling financial services companies to deliver changes quickly.
“We are proud to partner with RedZed on their digital transformation journey and help them provide a seamless experience for their brokers and customers. Our relationship with RedZed and PwC embodies our mission to transform the financial services industry through innovation, reputation and speed,” Bernhardi said.
Having worked in consultation with the nCino team on a method to embed innovation and experience, Marvin Slocombe, engagement lead at PwC, said commitment and initiative shown by the three teams ensured the project’s success.
