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The non-bank has launched a new digital application experience for commercial brokers via fintech CitoPlus.
Commercial and SMSF lender Thinktank has partnered with tech solutions provider Cito+ (CitoPlus) to launch a new application experience that digitises loan submissions for commercial brokers.
Thinktank is the first non-bank to go live with the digital experience, designed to streamline the “entire lifecycle of a loan application”.
The digital solution will offer brokers product and policy guidance, as well as “market leading” functionality in areas such as solution structuring, financial analysis, and serviceability calculations.
This platform will also facilitate the secure collection and submission of client data, with security and compliance standards consistent with best practice for the financial services industry.
Joel Harrison, Thinktank national manager commercial partnerships, said smooth, efficient workflows from the digital solution would let brokers focus on closing deals rather than burdensome administrative tasks.
“At Thinktank, we believe that the future of commercial broking lies in the powerful combination of human expertise and digital transformation,” Harrison said.
“This partnership delivers on this vision by delivering a step change in speed and efficiency as well as security for brokers and borrowers alike.”
Graham Strain, co-founder of CitoPlus, said the tech solutions provider was delighted to bring its solutions to the non-bank space.
“CitoPlus are delighted to partner with Thinktank and even more excited at helping Thinktank set a new industry standard for a fast commercial and SMSF loan application experience,” Strain said.
“Brokers are trusted advisers to SME business clients and helping Thinktank make accessing funding for their clients an easy and quick experience is something we’re excited to scale together.”
Digital future
This partnership sees Thinktank join a growing number of lenders working with fintechs to digitise commercial loan writing.
Earlier this year, major bank Westpac said it had launched digital applications via CitoPlus after commencing trials with a select group of aggregators in late 2024.
ANZ and NAB also announced partnerships with CitoPlus on the development of digital solutions for commercial brokers.
Speaking at the time of the NAB announcement, Strain described digital applications as the “future of commercial broking.”
Last year, Simplicity Loans and Advisory broker Isabella Constantinou – winner of Commercial Broker of the Year at the Commercial Finance Awards 2024 – predicted more digitisation from commercial lenders in an episode of The Adviser’s Elite Broker podcast.
“I think [during] the next sort of 12 to 24 months we’ll see a lot of lenders digitise a lot of their processes in the commercial space,” she said.
“It’s not the same as it is in resi. It is very driven by paper, forms and whatnot. And I think the way that technology is going, there needs to be a change for the protection of client data.”
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