^ "Aussie enters online lending market"."Tic:Toc launches 'responsible-lending-as-a-service' ". ^ a b "Bendigo Bank customers to benefit from instant home loan tic of approval"."Digital home-loan play Tic:Toc raises funding from Genworth, La Trobe". "Tic:Toc expands to Tasmania, as NSW investors rush to purchase in Hobart". "Fintech launches with 22-minute home loan". ^ "Making home loans faster, smarter and simpler"."Aussie takes on big four with digital mortgages". "Bendigo speeds up home loans with help from Tic:Toc". ^ Whitten, Richard (26 February 2019)."Tic:Toc Wants To Bust The Big Bank Myth About Online Home Loans". "SA jobs: Tic Toc online home loans to add 200 new Adelaide workers". "Fintech startup Tic:Toc raises $11.5 million to take the hassle out of home loan approvals". ^ a b c Palmer-Derrien, Stephanie (1 August 2018).In April 2021, Tic:Toc announced the launch of its second white-label partnership with Aussie Home Loans, branded as Aussie Online References On February 5 2020, Tic:Toc launched its first software offering, XAI Validate, which uses artificial intelligence and machine learning to automate the validation of customer data. In March 2019, Bendigo Bank launched Bendigo Express, a digital home loan white-labelled under the Bendigo Bank brand. In November 2018, Tic:Toc announced it would offer their technology to Bendigo and Adelaide Bank as part of their first enterprise partnership. The raise was led by La Trobe Financial and Genworth Financial’s Australian arm, Genworth Mortgage Insurance Australia. Tic:Toc closed a Series B funding round in July 2018, raising A$11.5 million. In December 2017, Tic:Toc announced an expansion of services to include Tasmania, officially expanding their serviceable area to cover all states of Australia. The company officially launched its home loan offering in July 2017. In March 2017, the company closed its Series A funding round, securing A$4.1 million in further funds from Bendigo and Adelaide Bank. Tic:Toc was founded in 2015 by Anthony Baum, and secured seed funding in 2016 from Bendigo and Adelaide Bank, who also provide the funds for Tic:Toc’s home loans. Bendigo and Adelaide Bank are a major shareholder, owning a 27 percent stake in the business. Founded in 2015, but launched to the public in July 2017, Tic:Toc offers automated digital home loans to consumers while selling their automation technology to other lending businesses. Tic:Toc, also known as Tic:Toc Home Loans, is an Australian FinTech company and non-bank home lender based in Adelaide, South Australia. You can also read our Automating business processes using APIs whitepaper for similar stories.Anthony Baum ( Organizational founder and CEO) To learn more, check out Tic:Toc’s case study. Due to its success, the company has ‘white-labeled’ the solution so that third-party partners can use Tic:Toc’s proprietary technology to power their own instant home loan. As a result of this approach, the company not only reduced the loan application process from 22 days to 22 minutes, but has also received home loan applications valued at more than $2.15 billion. The Mutual Bank Tic:Toc Home Loans Transport Mutual Credit Union. Tic:Toc turned to API-led connectivity to connect the systems required to evaluate loan applicants, eliminating the manual submission process, and drastically reducing the amount of information that customers have to provide. NavigationCalculate Monthly Australian Home Loan Repayments at Current Rates Use this. Leveraging API-led connectivity to deliver an instant decision In the case of property valuation, for example, customers are able to enter the property address, then Tic:Toc integrates that data on the back-end with a property database that automatically calculates the property value. With APIs, Tic:Toc was able to automate previously manual tasks such as: property valuation, customer borrowing ability, credit background, etc. To automate these, Tic:Toc used APIs to unlock core system data across CRMs, e-form applications (captures application data digitally from the customer), and e-sign systems (records signatures digitally). What a long, manual process! The table below provides insight into other painful processes associated with loan applications: Examples of traditionally manual home loan processes For example, when validating a property purchased via a home loan, an applicant must provide their property address, the bank then identifies an appraiser to visit the property, the appraiser provides the property valuation to the bank, and the bank follows up with the customer on any gaps. One of the biggest challenges with delivering instant home loan decisions lies in the complexity of the traditional process.
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