Thinktank Property Finance is the latest firm to update its digital experience.
The Australian non-bank lender revealed a partnership with digital lending platform CitoPlus on Monday that offers an end-to-end digital application process.
The non-bank said the CitoPlus tie-up will help streamline the application process, making it faster and more secure for both brokers and borrowers alike. Brokers will have access to product and policy guidelines, solution structuring, financial analysis and serviceability calculations all through the CitoPlus platform.
"The future of commercial broking lies in the powerful combination of human expertise and digital transformation,” said Joel Harrison, Thinktank's national manager, commercial partnerships.
In addition, Thinktank added that all documents collected via the platform are secure and follow industry-wide compliance standards.
"CitoPlus is delighted to partner with Thinktank and even more excited at helping Thinktank set a new industry standard for a fast commercial and SMSF loan application experience," said Graham Strain, co-founder of CitoPlus.
Thinktank, which was established in 2006, is the latest in a string of lenders that have embraced the digital revolution, moving many of their administrative tasks online in an effort to speed up the application process. And good timing too: A 2023 report by the Australian Banking Association found that nearly 99% of bank transactions in Australia happen online.
In 2024, two of Australia's Big Four banks, Westpac and National Australia Bank (NAB), both partnered with CitoPlus to launch digital solutions that allowed brokers to submit applications online via the platform. Meanwhile, lenders, both big and small, are embracing not only an online application process, but applications that are done online and filled in with the help of artificial intelligence. The list includes firms like Lendi Group, Westpac, ANZ, NAB, Commonwealth Bank, LoanOptions.AI and more.
