Mulesoft Case Studies Tic:Toc reduces the home loan fulfillment process from days to minutes

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	Tic:Toc reduces the home loan fulfillment process from days to minutes Mulesoft

Tic:Toc reduces the home loan fulfillment process from days to minutes

Mulesoft

Technology Category	Analytics & Modeling - Real Time Analytics Application Infrastructure & Middleware - API Integration & Management
Applicable Industries	Finance & Insurance
Applicable Functions	Business Operation Sales & Marketing
Use Cases	Fraud Detection Real-Time Location System (RTLS)
Services	Software Design & Engineering Services System Integration
Challenge	Tic:Toc, an Australian fintech company, was launched with the aim of transforming the traditional home loan process. The company wanted to eliminate the inefficiencies in the home loan approval and fulfillment process, allowing customers to easily submit loan applications online and receive instant decisions. However, the challenge lay in the complexity of the traditional process. For instance, validating a property purchased via a home loan involved multiple steps and parties, making it a time-consuming process. To provide customers with a seamless, instant home loan application experience, Tic:Toc needed to integrate data from various sources, offer real-time document generation and home loan decisions, and deliver their new product to market quickly to gain a competitive advantage. Read More
About Customer	Tic:Toc is an Australian fintech company that was launched in July 2017. The company aims to transform the traditional home loan process and give Australians more control with a smarter home loan. Tic:Toc focuses on removing inefficiencies in the home loan approval and fulfillment process. This enables customers to abandon paper-based processes and easily submit loan applications online to receive instant decisions on their applications. The company's goal is to provide a seamless, instant home loan application experience for its customers. Read More
Solution	To automate the home loan process, Tic:Toc used APIs to unlock data from an e-form application as well as 21 other systems. With APIs, Tic:Toc drastically reduced the amount of information that customers had to provide and automated previously manual tasks such as validating the customer's identification and financial background as well as the property valuation. Customers simply had to enter the property address, and the Tic:Toc technology integrated that data on the back-end with a property database to instantly calculate the property value via their automated valuation model. The same automation approach was mirrored for other stages of the application process. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Real Time Analytics

Application Infrastructure & Middleware - API Integration & Management

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Sales & Marketing

Use Cases

Fraud Detection

Real-Time Location System (RTLS)

Services

Software Design & Engineering Services

System Integration

Challenge

Tic:Toc, an Australian fintech company, was launched with the aim of transforming the traditional home loan process. The company wanted to eliminate the inefficiencies in the home loan approval and fulfillment process, allowing customers to easily submit loan applications online and receive instant decisions. However, the challenge lay in the complexity of the traditional process. For instance, validating a property purchased via a home loan involved multiple steps and parties, making it a time-consuming process. To provide customers with a seamless, instant home loan application experience, Tic:Toc needed to integrate data from various sources, offer real-time document generation and home loan decisions, and deliver their new product to market quickly to gain a competitive advantage.

About Customer

Tic:Toc is an Australian fintech company that was launched in July 2017. The company aims to transform the traditional home loan process and give Australians more control with a smarter home loan. Tic:Toc focuses on removing inefficiencies in the home loan approval and fulfillment process. This enables customers to abandon paper-based processes and easily submit loan applications online to receive instant decisions on their applications. The company's goal is to provide a seamless, instant home loan application experience for its customers.

Solution

To automate the home loan process, Tic:Toc used APIs to unlock data from an e-form application as well as 21 other systems. With APIs, Tic:Toc drastically reduced the amount of information that customers had to provide and automated previously manual tasks such as validating the customer's identification and financial background as well as the property valuation. Customers simply had to enter the property address, and the Tic:Toc technology integrated that data on the back-end with a property database to instantly calculate the property value via their automated valuation model. The same automation approach was mirrored for other stages of the application process.

Impact #1	Tic:Toc was able to launch the world's first instant home loan, delivering an innovative home loan experience where customers can receive full home loan approval in as little as 22 minutes, compared to the 22-day industry average.
Impact #2	Due to the success of Tic:Toc's solution, the company has white-labeled the solution so that third-party partners can use Tic:Toc's proprietary technology to power their own instant home loan.
Impact #3	Tic:Toc will be releasing additional enterprise solutions in the future, enabling other institutions to benefit from the efficiencies Tic:Toc's automated credit decision and reg-tech solutions offer.

Impact #1

Tic:Toc was able to launch the world's first instant home loan, delivering an innovative home loan experience where customers can receive full home loan approval in as little as 22 minutes, compared to the 22-day industry average.

Impact #2

Due to the success of Tic:Toc's solution, the company has white-labeled the solution so that third-party partners can use Tic:Toc's proprietary technology to power their own instant home loan.

Impact #3

Tic:Toc will be releasing additional enterprise solutions in the future, enabling other institutions to benefit from the efficiencies Tic:Toc's automated credit decision and reg-tech solutions offer.

Benefit #1	Reduced the home loan application process from 22 days to 22 minutes.
Benefit #2	Received home loan applications valued at more than $2.15 billion since its launch.

Benefit #1

Reduced the home loan application process from 22 days to 22 minutes.

Benefit #2

Received home loan applications valued at more than $2.15 billion since its launch.

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Overview

Tic:Toc reduces the home loan fulfillment process from days to minutes

Operational Impact

Quantitative Benefit