Full ownership of the fintech Ferocia, and thus the Up Bank app, is progressively paying dividends for Bendigo and Adelaide Bank.
Up accounted for more than A$1 billion in deposits for the bank at the end of June, growth of more than 30 per cent over a year.
The bank said Up had more than 550,000 customers, of which 47 per cent “are considered active monthly”.
Up soft launched a home loan product a few weeks ago, and around 10 per cent of the app’s users have “home buyer savings identified”.
Up home will leverage the Tic:Toc platform, itself another component of Bendigo’s breakout story.
Bendigo has a 27 per cent stake in Tic:Toc, and attributes close of $2.8 billion in lending to this platform, with settlements in the order of $1.6 billion in the last year.
So swish is the AI in embedded in Tic:Toc, the bank says it needs as little as six minutes in human effort to fulfil loan applications.
The median turnaround time for applications is, inevitably, “less than one day”.