CBA-owned Bankwest has teamed with mortgage advisory and matching service Lendi, launching the company’s first third-party API.
The API integration allows Lendi to directly engage its assessment tools with Bankwest’s decisioning engines, providing what it claims will be more relevant results for users.
The API takes advantage of Lendi’s Approval Confidence capability, launched in November last year, which gives real-time feedback to borrowers on the likelihood of being approved for particular loan options among its integrated lender partners.
“The integration offers reassurance for potential borrowers by presenting them with an Approval Confidence rating with tailored loan options, rather than the generalised product listings available on many comparison sites,” Bankwest said in a statement.
Lendi co-founder and managing director David Hyman said the system seeks to address “the information asymmetry that has existed between lenders, brokers and borrowers.”
To expedite the API rollout, Bankwest leveraged its Cloud Native Platform (CNP), part of its Spotify-inspired agile operating model, which has allowed the bank to rapidly develop and onboard new technologies whilst it says maintaining utmost security over customer data.
“We’re one of the first banks in Australia to invest in a Cloud Native Platform and we look forward to continuing to harness its power to rapidly deliver value for customers,” said Bankwest EGM of technology and transformation Andy Weir.
According to Weir, the integration was driven by increasing demands from customers to personalise search results for financial products, particularly as more and more data is demanded from them.
“When we talk about meeting changing customer needs in the digital age, these are the solutions we’re talking about, because gone are the days of generic information being acceptable.”
“That’s what has driven this partnership with Lendi: understanding that when customers provide their personal financial information to an assessment tool, they expect personalised results.”
Backed by its unique Agile-adapted operating model to expedite technology deployments, Bankwest has become one of the industry’s foremost tech product developers, yielding several ‘industry firsts’ including a new WhatsApp style in-app messaging service as well as the surprise hit Halo touch payments ring.