BEN Express gaining momentum
More customers are going digital, with Bendigo and Adelaide Bank today revealing year-on-year growth of 178 percent for its BEN Express digital home loan product.
In the last financial year, hundreds of customers have successfully applied for and settled their home loan completely online, helping them to refinance quicker or get into their new homes sooner.
Powered by Tic:Toc, BEN Express is one of Australia’s first fully digital loan offerings, providing customers with quick online approval at a competitive interest rate.
Richard Fennell, Chief Customer Officer Consumer Banking at Bendigo and Adelaide Bank said the Bank was starting to see significant momentum in its digital home loan channel.
“As one of the first banks in the country to start offering a fully digital home loan thanks to our close ties with Tic:Toc, we now have four years of experience to paint a clearer picture about this important market, Mr Fennell said.
“In the last financial year for example, we saw our BEN Express website have over 5000 views, over 1000 applications lodged, and well over $50 million in lending secured, helping Australians get into their homes sooner.
“While we understand these aren’t high numbers compared to our general home loan products, this is a significant jump for this product - with financial year 2022 seeing twice the volume of settlements compared to the prior three years combined.
“We see BEN Express as an integral part of our lending offering here at Bendigo and Adelaide Bank, and we are committing to increasing our marketing investment for this product to drive its growth further as more customers seek digital only lending services.
“If we see the level of growth we have seen over the past financial year, we hope to settle over $100 million of lending by Christmas and in excess of $200 million in the next 12 months.
“However, it’s always important to remember that for most of our customers, digital is never going to replace face-to-face banking, an area we know Bendigo and Adelaide Bank thrives in,” Mr Fennell said.
Customers have praised the platform for its ease of use – from a simple Google Search to being approved, the average approval completion timeframe is under an hour.
Among the positive feedback is that BEN Express is incredibly convenient for time poor professionals.
Other happy customers have commended BEN Express for its competitive rate, leading to the product being awarded three Home Loan awards from Rate City over the past two months.
Richard Fennell concluded by urging anyone looking to refinance or buying a new property to consider a digital home loan with BEN Express.
“In today's fast-paced world our Express Home Loan, with its quick online approval and competitive interest rate, could be ideally suited to your needs,” Mr Fennell said.
“If you prefer doing things online and don't feel the need to meet with a lender face to face, then an Express Home Loan might be just what you're looking for.”
For more information on BEN Express or to apply today visit: Express Home Loan