Bendigo and Adelaide Bank has announced a 178% year-on-year growth for its BEN Express digital home loan product, as hundreds of customers have switched to digital to make refinancing quicker or get into their new homes sooner.
Powered by Tic:Toc, BEN Express is one of Australia’s first fully digital loan offerings, providing customers with quick online approval at a competitive interest rate.
Richard Fennell, chief customer officer consumer banking at Bendigo and Adelaide Bank, has noted a significant momentum in its digital home loan channel.
“In the last financial year, for example, we saw our BEN Express website have over 5,000 views, over 1,000 applications lodged, and well over $50 million in lending secured, helping Australians get into their homes sooner,” Fennell said. “While we understand these aren’t high numbers compared to our general home loan products, this is a significant jump for this product – with financial year 2022 seeing twice the volume of settlements compared to the prior three years combined.”
Fennell said Bendigo and Adelaide Bank sees BEN Express as an integral part of its lending offering and commits to increasing marketing investment for the product to drive its growth further.
“If we see the level of growth we have seen over the past financial year, we hope to settle over $100 million of lending by Christmas and in excess of $200 million in the next 12 months,” he said. “However, it’s always important to remember that for most of our customers, digital is never going to replace face-to-face banking, an area we know Bendigo and Adelaide Bank thrives in.”
The platform has received positive feedback for its ease of use, convenience for time-poor professionals, and competitive rate. Recently, it was recognised with three Home Loan awards from Rate City.
“In today's fast-paced world, our Express Home Loan, with its quick online approval and competitive interest rate, could be ideally suited to your needs,” Fennell said. “If you prefer doing things online and don't feel the need to meet with a lender face to face, then an Express Home Loan might be just what you're looking for.”
