Commonwealth Bank of Australia (CBA) is launching a new digital home loan refinancing service.
Backed by Berlin-based software-as-a-service (SaaS) cloud banking platform Mambu and developed by the venture capital arm of the bank x15ventures, Unloan will allow bank customers to complete home loan refinance applications in as little as 10 minutes; ABC said.
Initially limited to customers only looking to refinance loans, the service is expected to expand to new home loans later this year. Users of the service will also benefit from a loyalty discount that increases every year for 30 years.
CBA’s partnership with Mambu will enable the assembly of independent components, systems and connectors to meet business needs and end-user demands.
ABC Chief Architect Brendan Harrap describes Mambu’s selection as “an investment in the future-proofing of CBA” as the bank continues its efforts to “digitally transform our suite of CBA Group brands”.
Harrap describes the platform as enabling CBA “to bring best-in-class solutions to other high-performing fintechs and vendors” and “to create financial solutions that meet the demands and expectations of our customers.”
Mambu CRO Werner Knoblich confirms the “profound shift” in what customers expect from financial service providers, and that the platform is “excited to be working with CBA as it takes this next step into the digital future”.