Westpac To Offer A 10-Minute Mortgage
The bank is predicting a surge in refinancing.
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A technology revamp is set to allow the bank the ability to full approve digital mortgages in as little as 10 minutes. The move is part of Westpac’s long-term shift towards digital banking and a readiness for a potential boom in refinancing.
Today, the bank becomes the latest lender to announce a push into digital mortgage lending — a tightly contested area for banks and fintechs as they duke it out for quick approval times.
Westpac plans to launch a new process in the final quarter of the year which will allow w some customers to refinance through an automated system. At first, the offer will only be open to individual borrowers who are refinancing an owner-occupied loan, have 20% equity in the property and earn a PAYG income.
The technology uses data analytics to perform identity checks and credit assessments, the bank says it will be able to unconditionally approve some simple loan applications in 10 minutes and plans to roll out the offer to a wider range of customers in 2023.
Further, Westpac CEO Peter King told The Sydney Morning Herald that customers are seeing the need to respond to the rising interest rates.
“Interest rates are no longer falling, they’re going up. Customers are considering the cost of their banking, including their mortgage, and we see that refinance will be an important part of the market over the next couple of years,” King said.
Of the other big four banks in Australia, the Commonwealth Bank launched a digital home loan in May, ANZ announced in March its aims to launch a digital product next year while NAB has adopted a new system that sees its bankers and brokers expedite loans at new speeds.
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“Only with competition can we become stronger and allow the industry to remain healthy,” Ma said
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Alibaba Group co-founder Jack Ma said competition will make the company stronger and the e-commerce giant needs to trust in the power of market forces and innovation, according to an internal memo to commemorate the company’s 25th anniversary.
“Many of Alibaba’s business face challenges and the possibility of being surpassed, but that’s to be expected as no single company can stay at the top forever in any industry,” Ma said in a letter sent to employees late Tuesday, seen by The Wall Street Journal.
Once a darling of Wall Street and the dominant player in China’s e-commerce industry, the tech giant’s growth has slowed amid a weakening Chinese economy and subdued consumer sentiment. Intensifying competition from homegrown upstarts such as PDD Holdings ’ Pinduoduo e-commerce platform and ByteDance’s short-video app Douyin has also pressured Alibaba’s growth momentum.
“Only with competition can we become stronger and allow the industry to remain healthy,” Ma said.
The letter came after Alibaba recently completed a three-year regulatory process in China.
Chinese regulators said in late August that they have completed their monitoring and evaluation of Alibaba after the company was penalized over monopolistic practices in 2021. Over the past three years, the company has been required to submit self-evaluation compliance reports to market regulators.
Ma reiterated Alibaba’s ambition of being a company that can last 102 years. He urged Alibaba’s employees to not flounder in the midst of challenges and competition.
“The reason we’re Alibaba is because we have idealistic beliefs, we trust the future, believe in the market. We believe that only a company that can create real value for society can keep operating for 102 years,” he said.
Ma himself has kept a low profile since late 2020 when financial affiliate Ant Group called off initial public offerings in Hong Kong and Shanghai that had been on track to raise more than $34 billion.
In a separate internal letter in April, he praised Alibaba’s leadership and its restructuring efforts after the company split the group into six independently run companies.
Alibaba recently completed the conversion of its Hong Kong secondary listing into a primary listing, and on Tuesday was added to a scheme allowing investors in mainland China to trade Hong Kong-listed shares.
Alibaba shares fell 1.2% to 80.60 Hong Kong dollars, or equivalent of US$10.34, by midday Wednesday, after rising 4.2% on Tuesday following the Stock Connect inclusion. The company’s shares are up 6.9% so far this year.
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