Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
subscribe to our newsletter

Digital mortgages up 23pc in six months

UBank mortgages grew from $2.2 billion to $2.7 billion in the six months to March 31, an increase of 22.8 per cent.

Speaking to MortgageBusiness, UBank chief executive Alex Twigg said the growth is evidence of a global shift towards online mortgage distribution.

“We have had a significant uptake in our mortgage volumes direct through UBank and you will see that across the globe,” Mr Twigg said.

Advertisement
Advertisement

“Fifteen years ago, across the UK, there was a significant move towards online mortgages; you’ve seen it happen in the US; and you are now seeing it happening in Australia."

The UK's Mr Twigg believes Australia is well ahead in terms of mortgage innovation.

“The one thing that I have learnt about the Australian mortgage business over the last six years since I arrived [in Australia from the UK] is just the incredible amount of innovation that takes place already,” he said.

Last month, ING Direct executive director of distribution Lisa Claes flagged the massive opportunity that exists in mortgage innovation.

According to Ms Claes, an enormous opportunity exists for financial service providers to give customers the transparency and ability to self-direct through online tools.

“What banks tend to do is focus on the transactional element,” Ms Claes said. “I think where there is a lot of room for improvement – but, more importantly, scope for opportunity – is to look at the whole value chain."

Digital mortgages up 23pc in six months
mortgagebusiness

Latest News

The major has conceded that its AML/CTF compliance failures were partly due to “deficient financial crime processes, compounded by poor in...

AMP Bank has launched a range of technology enhancements to its home loan process, including digital pre-application, electronic signatures ...

The “mortgage-focused” model of the major banks will help them absorb an acceleration in fintech adoption in response to COVID-19, accor...

FROM THE WEB
podcast

LATEST PODCAST: Property remains a stable asset despite cautious market

Do you expect COVID-19 to reduce or increase your business flows?

Website Notifications

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