Australian lender RedZed is first live on SAP’s Cloud for Banking service
Australian mortgage lender RedZed has become the first of its kind live on the SAP’s Cloud for Banking service.
The residential and commercial lender picked SAP’s cloud after searching for a variety of factors. These included ease of implementation, API architecture, and the meeting of local regulatory requirements.
SAP Cloud for Banking is a package deal. It includes SAP S/4HANA Finance, SAP Banking, and the SAP Payments Engine. All are run on the SAP Cloud via an application services layer.
RedZed migrated its data into SAP Cloud for Banking hosted on Amazon Web Services (AWS).
SAP says that by consolidating its data the business is “significantly improving” experiences for staff, customers and brokers.
It says RedZed staff now have access to customer data in real time, reducing the mortgage application process.
“Olympic runners don’t wear thongs,” says RedZed managing director Evan Dwyer.
“We want to be the largest provider of financial services for the self-employed in Australia – bigger than the big four’s business banks.
“We have huge ambitions. In the near term we want to increase our loan book to AUD 10 billion ($7.4 billion). In order to do this, we need a world class system that will match our vision and enable us to scale.”
Damien Bueno, president and managing director for SAP Australia and New Zealand, sayd the home loan market is “extremely competitive”.
“With SAP Cloud for Banking, RedZed has digitally enabled itself with a platform that is agile and future looking, ensuring it can quickly take advantage of opportunities and predict customer needs.”
He adds: “SAP may not have always been thought of as the partner to enable a fast-growing finance business like RedZed, but we’ve proved ourselves time and again as an agile cloud technology partner.”
While RedZed is the first lender of its kind live on the platform, the first financial services organisation live was Aussie neobank Xinja in 2018.