The FinTech Report The FinTech Report Podcast: Episode 40: Anthony Baum, Founder & CEO, Tic:Toc
Aug 6, 2023
Anthony Baum, Founder and CEO of Tic:Toc, shares his journey in revolutionizing home loans since 2017. He discusses how Tic:Toc streamlines the loan process, delivering contracts in under an hour. The conversation touches on strategic partnerships that enhance customer experiences and the impact of open banking through the Consumer Data Right (CDR) Act. Baum emphasizes technology's role in reducing costs and improving service, while also exploring future innovations and how fintech can better empower consumers in managing their finances.
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Innovative Loan Application Flow
- Tic:Toc's home loan application starts with property eligibility, then product and KYC, personal data, and finally validation.
- This approach ensures customer time is not wasted on ineligible properties.
Exception-Based Automation Efficiency
- Tic:Toc's platform automates home loan processing with exception-based human intervention.
- The platform achieves high credit quality, reflected in only two basis points 90-day arrears.
Match Service Model to Business Size
- Larger brands and medium to large banks are best suited for full platform-as-a-service integration.
- Smaller fintechs benefit from licensing modules as SaaS to efficiently build or enhance lending solutions.