Pepper Money, named Best Non-Bank of the Year 2022 for the second year running at the Australian Mortgage Awards, is leading the charge when it comes to technology and innovation. But just what are the digital innovations that set them apart from others in the market?
“While our success is underpinned by our people, strong credit policy, and funding program, it’s our focus on technology and investment in our digital innovations that equips brokers with the right tools and knowledge to help more customers,” said Mario Rehayem, Pepper Money CEO. “We’re laser focused on innovation and digitisation that drives rapid change in our industry to continue delivering a highly competitive loan experience across a range of options and the complete spectrum of borrower profiles that resonates with brokers and their clients.”
The non-bank’s flagship tech tool, Pepper Product Selector (PPS), enables brokers to accurately identify a suitable Pepper Money home loan product in a matter of minutes.
“We know consistency, certainty, and speed to credit decision are critical now more than ever for brokers so they can confidently recommend Pepper Money, knowing their customer will get a great outcome,” Rehayem said. “Our two-minute approval via PPS is therefore a one-of-a-kind innovation with a compelling value proposition. Put simply, there is nothing like it in the wider banking and lending industry. The innovative tool was designed to save brokers time and provide confidence that the Pepper Money recommendation given to the customer means no surprises post-submission.”
Available for prime, near prime and specialist credit profiles, PPS provides an indicative offer that gives the broker and their customer full line of sight of the interest rate and fees (if applicable) for the loan in a matter of minutes, by simply completing a series of questions about their customer’s loan scenario.
“The customer will have transparency on the rate available to them, the maximum LVR, fees, and loan amount on offer against the security, without impacting the customer’s credit report – and there are no surprises,” Rehayem said.
Pepper Money also has an automated home loan offer tool, Pepper Resolve, that integrates into a mortgage broker’s or aggregator’s customer management database (or CRM) to offer an instant alternative solution for applications that have been declined by another lender, withdrawn, or are otherwise stuck due to the lender’s onerous conditions.
Not only does the tool take the hours off from researching and resubmitting an application to another lender, it also offers an assurance that there is an alternative option available.
“Pepper Resolve takes the legwork away from the broker,” Rehayem said. “The conversation with the customer instantly shifts from a negative to a positive one, thereby strengthening the broker proposition. It also helps customers find solutions that they might not have been previously aware of, so they can turn a no into a yes and stay on track to meet their financial goals.”
Pepper Resolve was recently recognised as the 8th Most Innovative Company in the bank, finance and super sectors across Australia by the Australian Financial Review BOSS list.
“What sets us apart in the market is trust, transparency, speed to yes, consistency, diversification of our products, and our people; these are the ingredients to our success and why we’ve been recognised as the leading non-bank in the market,” Rehayem said.
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