Resimac announces transformation into a digital non-bank

From

Scott McWilliam

Leading non-bank mortgage lender Resimac Group Ltd (ASX: RMC) has announced it was partnering with industry technology and service providers to transition to a cloud-based system.

The digital transformation project, which is expected to complete in FY22, will provide a richer experience for customers, brokers and other participants through partnerships with key technology providers, including Infosys, Loanworks, Nextgen and Equifax.

Mr Scott McWilliam, Resimac Chief Executive Officer, said technology is a key enabler of business growth while driving a lower cost operating model. “This is an inflection point for Resimac. As a pioneer of the non-bank sector, our ‘customer first’ digital strategy is critical to the next growth phase of our business.

“We are engineering for the future. Our strategic partnerships will enable us to deliver a market-leading customer experience and innovative financial solutions in a way that is scalable and sustainable. This transformation gives us the flexibility and capabilities of a neobank, but with a home loan portfolio approaching $13 billion combined with the proven track record of a non-bank lender that has been in market since 1985,” he said.

Resimac’s partnership with Infosys, a global leader in financial digital services, will see its core system migrated to the cloud-based Finacle banking solution. This will provide a flexible, scalable and secure platform, while digitising the home loan customer experience and supporting Resimac’s growth into asset finance lending following the recent acquisition of IA Group.

Loanworks will replace Resimac’s existing origination platform, providing integration with credit decisioning technology Equifax DecisionPoint 3 and the digital application submission platform NextGen. This technology provides automated credit decisioning, significantly improving loan application response times and providing increased scale benefits and cost efficiencies.

The new platforms are on track to be fully operational by FY22, and complement recent digital initiatives including a new workflow platform, digital loan documents, digital telephony and integrated customer contact system, and partnerships with artificial intelligence providers.

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