A specialist lender has announced its transition to a cloud-based operating system, in a bid to help the group achieve its "huge ambitions" of going head to head with Australia’s major banks.
Like others in recent months, residential and commercial mortgage lender RedZed invested in a cloud-based platform – SAP Cloud for Banking – to better utilise data, provide more holistic customer outcomes and open itself up to a faster rate of growth.
“Olympic runners don’t wear thongs,” explained Evan Dwyer, RedZed managing director.
“We want to be the largest provider of financial services for the self-employed in Australia – bigger than the big four’s business banks. We have huge ambitions – in the near term we want to increase our loan book to $10 billion.
“In order to do this, we need a world class system that will match our vision and enable us to scale.”
Founded in 2006, RedZed has grown at a compound annual rate of 30% for the last five years; it was off the back of this consistent increase that the lender determined it needed a new platform to support the business as it scales and contribute to an improved experience for all relevant parties.
RedZed staff can now access customer data in real time, reducing the time it takes to process and manage applications and enabling quick responses to enquiries.
For brokers, the new platform makes it easier to work with customers and correspond with the lender, streamlining the process of assessing, identifying and originating mortgage loans.
“The new platform has enabled our staff to realise value quickly by providing accurate data that is improving our relationship with our customers and partners,” Dwyer said.
“SAP Cloud for Banking’s robust infrastructure provides us with the peace of mind that we will have a strong technology platform that will support our continued growth. Furthermore, the software meets the rigorous contractual, regulatory and cybersecurity frameworks that underpin the financial services sector in Australia."
SAP Cloud for Banking was originally designed by a team of a solution architects based in Australia, with neobank Xinja the first organisation to go live on the platform in 2018.
SAP Australia and New Zealand president and managing director Damien Bueno, weighed in on the group’s new partnership with RedZed.
“The home loan market is extremely competitive and being able to predict and respond quickly to customer needs is critical for today’s lenders. With SAP Cloud for Banking, RedZed has digitally enabled itself with a platform that is agile and future looking, ensuring it can quickly take advantage of opportunities and predict customer needs,” he said.
“Our cloud-based core banking solution is quick to deploy, and easy to use, delivering RedZed the opportunity to build delightful customer experiences and meet its vision to be the biggest provider of financial services for the self-employed in Australia.”
