Inside Tella's tech-driven mortgage ecosystem
Technologies like artificial intelligence and automation have the power to fundamentally change the New Zealand mortgage industry – for lenders, advisers, and borrowers.
However, Andrew Chambers (pictured above), a former banker with over 20 years of experience, said many in the industry remain apprehensive, fearing it will replace their jobs.
Chambers is not afraid of change.
“There’s a lot of hype and fear around AI in the industry,” Chambers said. “But it’s critical to remember that AI won't eliminate the need for advisers.”
Instead, using modern technology can actually equip them to perform their jobs better.”
Innovator of the Year: The origins of Tella and MyDash
After witnessing the limitations of traditional financial advice models, Chambers took a leap of faith and built Tella in June 2022. He said that the digital home loan platform is designed to uplift advisers, not replace them.
“I had always envisioned an end-to-end advice process for home loans, where clients could start anytime, anywhere in New Zealand,” Chambers said. “We could equip them with the information they need to reach the assessment stage.”
Chambers began by automating the initial fact-finding phase of mortgage advising, after teaming with French fintech entrepreneur Stephane Mathieu.
“We built a front-end model for client onboarding and data entry into Salesforce,” he said.
However, when Tella launched in the midst of the pandemic, the market crashed.
“It was terrible timing – real estate sales basically stopped. We really hit the bottom of the cycle,” Chambers said.
Despite this set back, advisers slowly began to show interest in the platform and before long they were asked if the solution was available for their businesses.
From there, Tella launched MyDash, a software-as-a-service (SaaS) product that enhances the digital experience for clients and mortgage businesses.
“Basically, we started white-labelling and licensing MyDash to other advisers,” he said. “Tella runs on this technology as a B2C business but now we have another 20 advisers on it and we’ll keep growing that in the years ahead.”
Less than two years later, both of Chambers’ ventures seem to be working. Tella won both the Finsure New Zealand New Brokerage of the Year and Innovator of the Year at the 2024 NZ Mortgage Awards.
How the platform works
The adviser industry in New Zealand, and perhaps the country as a whole, has lagged behind in technology adoption in the past decade, according to Chambers.
“Even basic tasks like using Microsoft Office suite effectively are a challenge for some advisers,” he said.
Tella's approach utilises advanced technology, like large language models, to automate tasks and improve efficiency.
The software captures information at the very beginning of the process, but it goes beyond that. Essentially, you only need one platform to run your entire business, Chambers said.
The platform has two sides: a client side and an adviser side. The adviser side handles everything from onboarding clients and starting applications to conducting fact finds and ensuring compliance.
This includes managing disclosures, scope of engagement, statements of advice, and everything else related to the advice process.
“Clients can be invited into the system to securely upload information and documents,” said Chambers. “The platform also helps with time management tasks and tracks loans after they are settled.”
The developers designed the software to avoid the traditional, business-oriented look of a customer relationship management (CRM) system.
Chambers said they wanted it to feel more like a consumer software experience, with a dynamic and user-friendly interface that avoids the old-fashioned feel of most CRMs.
“Overall, it's a full end-to-end client management solution.”
Future plans: Building an industry ecosystem
Tella's focus now extends beyond B2C operations.
"We're becoming a technology-driven industry ecosystem," Chambers said. "Our initial focus on mortgages has broadened to encompass a more holistic approach to financial advice."
This holistic vision includes integrating insurance functionalities seamlessly with the mortgage application process. "Advisers can either collaborate with insurance specialists or become qualified to offer both services," Chambers said.
While business loans are not a current focus, Chambers acknowledged their future potential.
"New Zealand lags behind Australia in this area," he said. "We plan to leverage my commercial banking experience to create a tailored business loan process in the future."
The New Zealand financial services industry is undergoing a transformation, and Chambers is at the forefront. By embracing AI and innovative technology, Tella is empowering advisers and streamlining the mortgage experience for borrowers.
