The Commonwealth Bank-owned lender has announced a partnership with online broking platform Lendi, which would provide borrowers with real-time feedback about their home loan application.
Bankwest and Lendi have announced the integration of their loan assessment tools, designed to simplify the mortgage application process.
As part of the agreement, Bankwest will plug in to Lendi’s “Approval Confidence” capability through its first third-party application program interface (API), which indicates to potential borrowers in real time the likelihood of approval of loan options from its lender partners.
According to Bankwest, the integration would see Lendi’s platform directly engage its assessment tools with the bank’s decision engines to “surface more relevant results for users”.
The lender added that the platform provides assurance to prospective borrowers by providing them with an Approval Confidence rating on loan options rather than generalising product listings.
Following the announcement, Ian Rakhit, Bankwest’s head of third-party banking, said: “This is a great result for customers using the Lendi platform, who now have a higher degree of certainty in their home buying journey.
“Taking out a mortgage is one of the biggest financial decisions of someone’s life, and it can be a complicated process, so it’s important for us to simplify that process where we can.
“When we talk about meeting changing customer needs in the digital age, these are the solutions we’re talking about, because gone are the days of generic information being acceptable.”
He concluded: “That’s what has driven this partnership with Lendi: understanding that when customers provide their personal financial information to an assessment tool, they expect personalised results.”
David Hyman, co-founder and managing director of Lendi, also welcomed the online brokerage’s partnership with Bankwest.
“We are thrilled to have Bankwest on board as an Approval Confidence lender partner,” he said.
“This is another step in our mission to drive the best possible customer outcomes by offering more choice, transparency and certainty in the home loan process.”
Bankwest said that the development of its partnership with Lendi was powered by an investment in its Cloud Native Platform, which facilitates the development of new technology in a safe and timely manner.
Bankwest EGM, technology and transformation, Andy Weir added: “We’re one of the first banks in Australia to invest in a Cloud Native Platform that enables us to quickly build innovative technology like this, and we look forward to continuing to harness its power to rapidly deliver value for customers.”