Online mortgage marketplace HashChing has hit $2 billion in home loan applications one year and three months since it was first founded.
The fintech reached $1 billion within a year of operation and then doubled this amount three months later.
“The fact that we’ve hit this next billion-dollar milestone so quickly is testament to the huge demand for our technology,” said Mandeep Sodhi, CEO of HashChing
Nearly 4,000 customers have used HashChing which currently has more than 290 brokers registered with the platform.
“Being able to access mortgage brokers directly is something that previously hasn’t been possible, and it’s saving our customers tens of thousands of dollars over the life of their home loans,” Sodhi said.
Atul Narang said that HashChing combined artificial intelligence and machine learning to match home buyers with mortgage brokers in their area.
“As soon as a user submits their details, HashChing’s unique algorithm uses analytics that matches them with the broker that will give them the best and most relevant service,” he told Australian Broker
The algorithm looks at a number of factors such as how long it takes the broker to respond to a lead, and consumer feedback at the close of a lead.
“If a broker has received 20 five-star ratings and his or her response rate is really good, he or she will automatically transfer into the top list of brokers,” Narang said.
Sodhi told Australian Broker
that the “ancient CRM systems” that brokers traditionally use were bringing down efficiency and increasing time and costs.
“Once brokers sign on to the HashChing platform, they get an intuitive dashboard with all the business tools essential to effectively manage leads, from custom reminders and document collection and through to other digital functions,” he said.
Brokers save on marketing costs as well, he added, as the firm does not charge on a per-lead basis.
“Brokers are only charged on loan settlements and a small monthly subscription for access to the CRM system with the right tools.”
This “empowers” brokers by allowing for easier customer management and updates, he said.
HashChing wasn’t looking to act as another player in the market especially with the low margins currently in the home loan industry, Siobhan Hayden, HashChing adviser and former CEO of the Mortgage & Finance Association of Australia (MFAA), told Australian Broker
“HashChing is seeking out value adding opportunities for all stakeholders, and ensures broker and customer experience is at the forefront of its service,” he said.
“I’ve always been passionate about the broker proposition; I think HashChing does inherently deliver a better service. We manage our system to not only make the broker successful but to improve the customer’s experience as well.”