ANZ bank today announced a new online lending platform to provide small businesses with conditional approval for loans up to $200,000 in under half an hour if they share their accounting software data.
Developed under a partnership with DemystData, a global data firm that helps enterprises incorporate external data sources, the new lending platform uses small businesses historical financial information from popular accounting software Xero, Quickbooks and MYOB to provide a decision on conditional lending in less than 20 minutes.
ANZ says full approval typically comes within two days and small businesses using the platform will be able to access fixed and variable-term loans as well as overdraft facilities.
Users will also be able to borrow under Phase 2 of the Government Guarantee Scheme.
In a statement today ANZ Group Executive Australia Retail and Commercial Banking Mark Hand said the new tool comes at a time when small businesses are struggling during the pandemic and approval times can be critical.
“While the current economic crisis will be devastating for some businesses, there has also been a great deal of resilience and some will be able to come out the other side even stronger. We’re also starting to see new businesses being created to meet emerging customer needs.
“This sophisticated new technology is deeply integrated with ANZ’s existing platforms to provide our customers with a quick, simple and secure lending experience so they can spend more time running and growing their business,” Mr Hand said.
Partner DemystData offers “external data as a service” or EDaaS and says it can construct sophisticated risk profiles based on financial data.
In April ANZ expanded the role of its chief data officer, Emma Gray, to include automation, emphasising the strategic use of data to improve customer experiences.