Tic:Toc reduces the home loan fulfillment process from days to minutes
Company Size
11-200
Region
- Pacific
Country
- Australia
Product
- Tic:Toc Home Loan
Tech Stack
- APIs
- Automated Valuation Model
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Customer Satisfaction
- Productivity Improvements
Technology Category
- Analytics & Modeling - Real Time Analytics
- Application Infrastructure & Middleware - API Integration & Management
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
- Sales & Marketing
Use Cases
- Fraud Detection
- Real-Time Location System (RTLS)
Services
- Software Design & Engineering Services
- System Integration
About The Customer
Tic:Toc is an Australian fintech company that was launched in July 2017. The company aims to transform the traditional home loan process and give Australians more control with a smarter home loan. Tic:Toc focuses on removing inefficiencies in the home loan approval and fulfillment process. This enables customers to abandon paper-based processes and easily submit loan applications online to receive instant decisions on their applications. The company's goal is to provide a seamless, instant home loan application experience for its customers.
The Challenge
Tic:Toc, an Australian fintech company, was launched with the aim of transforming the traditional home loan process. The company wanted to eliminate the inefficiencies in the home loan approval and fulfillment process, allowing customers to easily submit loan applications online and receive instant decisions. However, the challenge lay in the complexity of the traditional process. For instance, validating a property purchased via a home loan involved multiple steps and parties, making it a time-consuming process. To provide customers with a seamless, instant home loan application experience, Tic:Toc needed to integrate data from various sources, offer real-time document generation and home loan decisions, and deliver their new product to market quickly to gain a competitive advantage.
The Solution
To automate the home loan process, Tic:Toc used APIs to unlock data from an e-form application as well as 21 other systems. With APIs, Tic:Toc drastically reduced the amount of information that customers had to provide and automated previously manual tasks such as validating the customer's identification and financial background as well as the property valuation. Customers simply had to enter the property address, and the Tic:Toc technology integrated that data on the back-end with a property database to instantly calculate the property value via their automated valuation model. The same automation approach was mirrored for other stages of the application process.
Operational Impact
Quantitative Benefit
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