subscribe to our newsletter

Illion and Tic:Toc seek to help lenders improve approval times

The parent company of BankStatements.com.au is to resell Tic:Toc’s lending solution to other lenders in a bid to improve turnaround times.

Data and analytics provider illion has partnered with fintech lender Tic:Toc to provide its financial validation technology to the broader credit provider market.

The move will see illion resell Tic:Toc’s XAI Validate service (which launched earlier this year) to its lender customers in Australia and New Zealand in a bid to help lenders improve assessment times, which have blown out in recent months.

Tic:Toc’s software as a service (SaaS) solution works by overlaying account transaction data with lending intelligence and artificial intelligence models, in a bid to provide a “complete understanding of a customer’s financial position” without having to rely on stated financials or expenses benchmarks. 

It is hoped that the offering will help lenders accelerate application approval times while also “improving verification of borrowers’ financial positions to serve customers more responsibly”.  


Simon Bligh, CEO of illion, commented: “XAI Validate’s efficient financial validation modelling, combined with illion’s superior data and analytics, will enable more accurate identification of risk and simplify credit assessments for responsible lending. 

“It’s a win-win for everyone. Credit assessors will be able to determine the real serviceability of customers, enabling improved decision making, and ultimately a much better customer experience,” he said.

According to Tic:Toc, the technology has helped the lender increase its assessment efficiencies by 85 per cent.

Tic:Toc’s founder and CEO, Anthony Baum, said: “The power of XAI Validate is demonstrated by the fact the home loans business has provided a mortgage contract to a customer in less than one hour from the time they started their home loan application online, with as little as 12 minutes of human involvement. 

“Illion is a leading and trusted provider of data and analytics, and we’re thrilled to partner with them to take the customer experience to the next level. Together, we’re excited to help the industry to solve core problems around improving customer experience, increasing operational efficiency and lending more responsibly.” 


Speaking to Mortgage Business earlier this year, Mr Baum said the rollout of its SaaS platform was part of a broader strategy to leverage its customer-facing business to build and develop an enterprise business.  

“At the end of the day, what we’re finding is that some of the best fintech companies in the world [discover] a better product, build the technology, use that business to refine that technology and achieve really good customer outcomes,” he said.

“[Fintechs] then realise that its very costly to build brands in financial services. It takes time. Its a highly competitive market. 

“The best business model is to take that know-how and make it available to the industry,” he said.

[Related: Home-lending business to play second fiddle: Tic:Toc]

Illion and Tic:Toc seek to help lenders improve approval times

If you have ever considered how you could better service your SME clients but lack the knowledge or confidence to do this beyond referring them on, this is a must-attend event for you. Don't miss SME Broker Bootcamp, a jam-packed, free-to-attend, practical workshop. Register today and secure your place at this interactive, flexible, must-attend event.

Annie Kane

Annie Kane is the editor of The Adviser and Mortgage Business.

As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts. 

Contact Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

Latest News

The percentage of young adults looking to pay down their home loans has risen over the past five months, according to new data. ...

Despite the Reserve Bank digging its heels in on the timing of its cash rate climb, Westpac economists have predicted the right conditions w...

Customer-owned banks operate around four branches per $1 billion in assets, while the big four collectively run less than one shopfront per ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

When do you expect the cash rate to start increasing?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.