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The new partnership will allow brokers to submit digital loan applications for SME customers.
Major bank ANZ and tech platform CitoPlus have announced a new partnership that will let brokers submit digital loan applications for their small- to medium-sized enterprise (SME) customers.
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The partnership will launch in 2025 and see CitoPlus work with 1835i, ANZ’s external innovation and investment partner.
As a result, brokers will have the ability to apply for ANZ business lending products through CitoPlus’ digital platform, with the aim of achieving “a faster and more efficient service”.
Ivan Mioc, ANZ general manager of commercial broker and originations, said broker customers will also be able to benefit from swifter broker response times and improved access to financing.
“As brokers shift to digital workflows, adopting advanced digital and data solutions is critical for improving customer interactions,” Mioc said.
“This partnership plays an important role in supporting business growth and simplifying the lending journey for both brokers and small to medium businesses.
“This initiative complements ANZ’s efforts to provide more digital banking options to both brokers and business owners.”
Graham Strain, CitoPlus co-founder, said the tech platform was delighted to partner with the major bank and enhance the application experience for brokers and their business customers.
“We believe the combination of human judgement and digitisation is the future of broking,” Strain said.
“Our unique platform helps brokers work with the right information, faster and make tailored solutions easier to source.”
Justin Greenstein, 1835i CEO, also expressed his enthusiasm.
“At 1835i, we’re excited to have facilitated this partnership between ANZ and CitoPlus, as it shows our commitment to driving digital innovation that makes lending easier and faster for brokers and SMEs across Australia,” Greenstein said.
“Together, we’re building a finance ecosystem that connects brokers and businesses seamlessly in today’s digital-first world.”
The digital shift
This announcement sees ANZ join its counterparts Westpac and NAB partnering with CitoPlus on a commercial lending product.
In April, NAB announced it was developing a digital solution with CitoPlus that would let brokers submit digital applications directly through the tech platform.
Chris Thomas, executive – NAB commercial broker and equipment finance sales, said the CitoPlus partnership would support brokers to produce the best outcomes for their SME clients.
He said: “Brokers are trusted advisers to a growing number of SME businesses, and their role in commercial lending is only increasing.
“Working with CitoPlus to reduce friction points will help brokers get the best outcomes for their clients as they work with NAB for their borrowing needs.
“The opportunity is setting the new benchmark for experience and efficiency, thus helping more SMEs get faster access to the funding they need to grow.”
It was a similar story at Westpac in September, when the major announced it would also be partnering with the Australian tech platform.
At the time, Shane Howell, Westpac’s general manager for commercial banking, said: “Our partnership with CitoPlus is about making it easier for customers, with faster access to finance, less back and forth and only asking the questions that matter.
“At the other end of the digital experience will be Westpac industry and SME third-party specialist bankers. Customers will be partnered with expert bankers to suit their needs, whether they’re in healthcare, professional services, property development or agribusiness or if they’re looking for specialised lending or equipment finance.
“Our specialist bankers are the magic ingredient and our partnership with CitoPlus will deliver brokers a seamless experience so they can get the best outcome for their clients.”
[Related: Westpac launches digital solution for commercial brokers]
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