Digital lending | $150m incremental bank funding
External data to transform digital lending
Leveraging a single API to configure, transform and integrate external data to accelerate business growth
Customers are increasingly expecting simple and streamlined banking services, such as digital lending, that deliver rapid decision making.
External data is key in delivering these outcomes for customers, and the right partner to make data deployment easy, fast and scalable, delivers a significant competitive advantage.
"Through streamlined access to the external data ecosystem, ANZ has transformed its digital lending capabilities"
ANZ, a leading financial institution, is providing conditional approval on unsecured lending for small business customers in less than 20 minutes via ANZ GoBiz.
ANZ GoBiz enables the origination of small business loans through a digital workflow that leverages Demyst to get fast, reliable and frictionless access to the external data ecosystem.
Background
Digitalization of the lending process has transformed traditionally manual and paper-intensive processes, and brought immense benefit to the banks that have embraced it and the customers that it has served — delivering more informed lending decisions, improving the customer experience, providing significant cost savings, and delivering faster response times.
An integral part of this is the ability to streamline access to external data, such as accounting data from Accounting Software Platforms (ASPs).
Integrating and deploying external data workflows, however is a significant challenge, so ANZ partnered with Demyst to co-develop ANZ GoBiz, and leverage Demystʼs rapid deployment capabilities and easy access to external data to support the lending decision process.
Overview
ANZ GoBiz is a sophisticated online lending platform that allows ANZ to leverage external data to provide a rapid decision on conditional lending for small business customers.
ANZ GoBiz needed a front-end user interface that delivered an optimal customer experience, secure technology that supported the configuration, transformation and integration of external data sources, as well as integration compatibility with ANZʼs existing services, and back-end logic to support the digital experience in accordance with ANZʼs lending requirements.
Partnering with Demyst enabled ANZ to take advantage of the market leading Demyst Platform, built on AWS, to accelerate access to the external data ecosystem. The flexible, secure and adaptable technology, overcomes the challenges typically associated with deploying new data workflows or digital applications. A testament to this has been being able to accommodate multiple changes to support extensions to the Government Guarantee Scheme Facilities (GGS).
Scalable API solutions, configured for ANZ GoBiz, enables automated access to multiple external data sources, providing a secure way of collecting, verifying, manipulating and providing data on ANZ GoBiz applicants. Accounting data from Accounting Software Providers (ASPʼs), following customer consent, is used to verify financial eligibility, whilst business firmographics and business registry data is used to meet KYB requirements.
With back-end logic, that encompasses balance sheet, P&L and OFI liabilities, ANZ now benefits from a market leading lending decision engine.
Demyst Platform technology is applicable to multiple key business processes, providing a foundational platform to automate manual workflows and extend the bankʼs use of external data.
Customer Outcomes
Simple online application (no paperwork)
Fast and automated - lending decisions in 20 minutes, full approval in 24 hours
Securely connect your accounting software, and with your consent, have your financial data analysed for you
Solutions Delivered:
API solutions to automate access to multiple external data sources on one platform, including:
Accounting Software Platforms (ASPs):
Business Registration Service:
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