CBA takes on fintech threat with ‘10 to 20 minute mortgage’
Commonwealth Bank Group highlights its investment in a new fully digital home loans business
The Commonwealth Bank is planning a fresh assault on the crucial mortgage market to counter the growing threat from fintechs, offering fully digital home loans that can be approved in as few as 10 minutes.
As CBA looks to use its technology clout to cement its dominant position, retail banking services group executive Angus Sullivan on Friday said the next front in the battle with fintechs would be in mortgages.
“We’ll be looking to do a 10 to 20 minute mortgage, and that will be a huge opportunity for more Australians to take advantage of locking in great rates by refinancing more easily,”
He said CBA’s digital mortgage, branded Unloan, would use data for fast approvals, including through the data-sharing regime known as open banking. “That will be a very revolutionary product when we fully get it live in market,” Mr Sullivan said.
Read the full article at SMH.com.au
Original Story Published in the Sydney Morning Herald by Clancy Yates on 13, Aug, 2021
Notes from the editor
About Unloan
Unloan is a new kind of home built for a digital world. We believe home loans should be easier to get and easy to live with. That’s why we have built a Home Loan with an increasing rate discount which you can apply for in as little as ten minutes.
For more information visit www.unloan.com.au
About Commonwealth Bank of Australia
The Commonwealth Bank of Australia (ASX:CBA) is one of Australia’s leading providers of personal banking, business and institutional banking and share broking services. With more than 15 million customers and a history spanning more than a century, the Group’s purpose is to improve the financial wellbeing of its customers and communities. The Commonwealth Bank is Australia’s leader in digital banking and maintains the largest branch network across the country. Headquartered in Sydney, Australia, the Bank operates brands including Bankwest in Australia and ASB in New Zealand. For more information on Commonwealth Bank, visit www.commbank.com.au.
About x15ventures
x15ventures is a wholly-owned subsidiary of Commonwealth Bank, with funding from CBA's $1 billion annual technology investment envelope, its own delivery model, and a dedicated management team. x15ventures is working with leading global businesses, including Microsoft, KPMG, to deliver ongoing expertise and support for digital innovators. The CBA venture-scaling entity is building the next generation of solutions for our 15 million customers and beyond by unlocking new value from CommBank's assets through partnerships with the tech and innovation community. x15ventures partners with seasoned entrepreneurs, offering them support, guidance and access to CBA's customer base and distribution networks. For more, visit: www.x15ventures.com.au.
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