Digital home loan provider Nano has struck a deal with Oracle Financial Services to join their Oracle PartnerNetwork.
The move will see the unique proprietary tech that Nano has expanded across Oracle’s network, increasing decision times across a wide range of lenders.
Their digital home loan product launched back in July with the claim that they could reduce turnaround times to minutes, and backed it up by $100m in loan originations in their first month of operation.
The product is currently only available on a B2C basis, though Nano is building a broker-first offering that is expected to follow in the near future.
“The partnership means that Oracle enterprise clients can access Nano’s fast, innovative onboarding process – which, unlike other lenders who have built pieces of the onboarding journey individually, allows for multiple processes such as credit decisioning, ID verification and serviceability to happen in parallel, making the process seamless and fast,” said Nano CEO Andrew Walker.
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“For mortgage brokers, the Oracle Partnerships signifies the growth of Nano’s B2B business. We're seeing interest in licencing or white labelling deals from many different players ranging from mortgage broker aggregators, second tier banks, big 4 banks, non-banks as well as other technology providers for our patented technology.”
“Moving forward this could be a major opportunity for mortgage brokers to partner, licence or white label Nano's technology to help streamline their processes, unit economics and drastically improve customers ‘time to yes’.”
Oracle and Nano will share digital architecture to help reduce pain points in the home loan process, most notably the cost of customer onboarding.
“Traditional banks struggle to keep up with the simplicity, cost efficiency, speed, and agility that digital lenders offer customers,” added Chaitanya Rastogi, Oracle’s general manager in Australia and New Zealand.
“We continually hear clients asking for innovative, cost-effective services to provide a better lending experience for their customers. The joint proposition can provide innovative and disruptive technology capabilities that can be utilised by lenders of all sizes, enabling them to differentiate, disrupt, and deliver an integrated world-class digital home ownership experience.”
