Australian fintech player Nano has unveiled a bold new campaign to highlight the power of technology in making the home loan process easier for customers.
The campaign was built off the back of new research commissioned by Nano, which found that three-quarters of Australians are frustrated with the current home loan process.
Those disgruntled by the home loan process identified confusing jargon (72 per cent), the slow process and hidden fees (55 per cent) and too much paperwork (48 per cent) as the key issues.
This follows the release of UBank’s bi-annual Know Your Numbers survey earlier this year which found that a significant percentage of surveyed Australians have little or no knowledge of some of the terms and jargon used in the mortgage and finance industry.
Nano’s research also found that 85 per cent of Australians believe the market benefits the lender rather than the borrower, and that 71 per cent feel they are getting ripped off by their mortgage lender, while 86 per cent believe technology could be used to make home loans easier.
Nano’s Co-Founder and CEO, Andrew Walker, said: “Lenders are stuck in the past, drowning in paperwork, legacy technology and processes.
“Nano’s application process does not include any outdated manual paper forms, so we can approve loans in minutes, not months, all via your smartphone,” he said.
In an attempt to challenge the ‘outdated’ approach to refinancing and home loan lending, Nano has launched an ‘Inaction Figure’ to symbolise the frustrations Australians may experience with traditional lenders as found in the survey results.
“If you’ve ever had a home loan you’re probably familiar with the Inaction Figure and what he represents,” Mr Walker said.
“Our research has shown that almost three-quarters of Australians (71 per cent) feel they are getting ripped off by their home lender, which is why we have no fees, low rates from 1.99 per cent and no pricing gimmicks.”
In response to the campaign launch, TV presenter and Real Estate Agent for Selling Houses Australia, Andrew Winter, said: “Australians have for far too long experienced poor customer service, red tape, unnecessary jargon, opaque pricing and complex forms when it comes to managing their mortgage.
“The Inaction Figure is the perfect anti-hero to personify this dissatisfaction with systems that were designed to benefit the lender, not the borrower,” he said.
While the Inaction Figure is a neat reminder of what getting a home loan has long been like for Australians, it’s not something you’ll receive if you apply for one with Nano. A spokesperson for the lender confirmed that while the figure does exist, it’s not something anyone will receive, but rather creative symbolism meant to evoke the idea that this is the way things were, rather than the way they can be.
“We’re making the confusing and complex home loan processes simpler, faster and fairer so Australians can easily refinance their home loan and get a better deal,” Mr Walker said.