Case study
Capturing Market Share with Digital Home Loan Growth
Using Tiimely’s white-labelled mortgage product, Bendigo Bank launched their digital proposition, Bendigo Express, in 6 months.
Meet Bendigo Bank
Bendigo Bank is Australia’s "better big bank", offering the products and capabilities of the major banks, but with a strong focus on community well-being. By balancing advanced digital banking with an award-winning branch network, they provide a compelling alternative for customers wanting their money to do good.
How did Tiimely help?
| Problem | Solution |
|---|---|
Bendigo Bank faced the challenge of entering the digital home loan market swiftly without being reliant on their internal digital transformation projects. Traditional processes were time-consuming and didn’t align with the pace of the evolving financial landscape. | Bendigo Bank found a solution in their partnership with Tiimely. Together, they embarked on embedding a white-labeled digital mortgage solution, complete with Tiimely’s Home Loan Specialists and Credit Assessors to oversee the onboarding process through to settlement; offering customers a streamlined and seamless experience. In just six months, they successfully launched ‘Bendigo Express,’ marking their entry into the digital home loan market. |
Bendigo Express
How it works
Step 1 - Collection
Use Calculator APIs and the managed Product API to drive conversion funnels and validate leads.
As applicants progress through the application, key customer information such as property details, responsible lending product recommendations, personal consent, financial validation metrics is captured through Xapii Decide.
Step 2 - Decisioning
Xapii Decide’s human-in-the-loop capability helps shorten time to decision.
Access insights through dashboard integrations and APIs, supported by our Customer Support and Credit Assessment teams, along with risk scorecard integration.
Step 3 - Fulfilment
Onboard customers seamlessly with managed loan settlement and eConveyancing, delivering a fully digital end-to-end experience.
Help customers reach settlement sooner and bring assets onto your balance sheet faster.
Bendigo Bank’s collaboration with Tiimely has been instrumental in overcoming their technology barrier to enter the direct-to-consumer digital home loan market.
The deployment of this digital mortgage solution enabled them to meet the demands of their customers efficiently and enhance their reputation as a trusted financial institution in Australia.
Driving Growth with Tiimely
Chris Topic, Senior Manager of Digital Lending at Bendigo Bank, emphasised that Tiimely’s partnership provided a ready-to-go solution. The platform solution was a ‘plug-and-play’ scenario for the Bendigo team, which simplified the implementation but also built-in processes for continuous optimisation.
Combined with continual support and guidance from Tiimely’s team of experts throughout the journey, teams from both organisations collaborate to ensure that the Bendigo Express product continues to succeed in the market.
Augmenting with Tiimely technology
The augmentation of Tiimely into Bendigo’s existing infrastructure allowed the organisation to make significant progress in connecting external partners’ platforms into their infrastructure, and resulted in the acceleration of products such as Ben Express and the Up Home products. The partnership strategy not only provides Bendigo Bank with strategic advantages but also opens doors for future growth and innovation.
What this lets us do is get to market today and plan for tomorrow. We’ve got a proposition that is live due to that partnership.
Future proofing with Tiimely
When faced with the challenge of transitioning from a traditional banking model to a direct digital market for home loans, Tiimely played a crucial role in rapidly developing a digital front-end solution, significantly speeding up a typically slow process in banking.
Bendigo needed a purchase stream for customers who didn’t yet have a specific property address. Working closely with Tiimely, the teams quickly designed and delivered a solution to support these customers earlier in their home-buying journey demonstrating the power of collaboration to solve real customer challenges.
The growth they’ve experienced is impressive, and their strategic partnership with Tiimely is driving this success. With in-house experts in marketing and data science, they’re well-equipped to handle the increasing demand for their services.
This case study illustrates the transformative power of partnership and advanced technology solutions in propelling an established financial institution towards digital success and scalability. Bendigo Bank’s journey with Tiimely demonstrates the value of adaptability, collaboration, and continuous optimisation in the ever-evolving landscape of digital banking.
