Digital neobank, 86 400, has its sights set on becoming a genuine alternative to the big four banks by delivering all the capabilities of a bank on a consumers’ phone.

Digital neobank, 86 400, has its sights set on becoming a genuine alternative to the big four banks by delivering all the capabilities of a bank on a consumers’ phone. Since July 2019, when it was awarded a full banking licence by APRA, it has grown rapidly. With currently more than 225,000 accounts on its platform and $300 million in customer deposits, it is Australia’s only neobank to offer home loans and remains the only digital mortgage for brokers.

86 400’s aim is to drive genuine change in the Australian banking industry. They plan to differentiate themselves by leveraging mobile technology in order to reinvent and personalise the customer banking experience.

As a start-up, unencumbered by legacy systems and processes, 86 400 needed help developing their digital offerings – specifically to transform the manual process of loan origination into a fully automated digital process.

Through a competitive tender, they chose Loanworks to create a solution that would do just that.

In early 2021, after operating for less than two years, 86 400 was taken over by National Australia Bank (NAB), and merged into its Ubank subsidiary.

86 400 required a cost-effective loan origination solution capable of supporting their streamlined straight through decisioning process and seamless integration with key service providers within the loan origination value chain. 86 400 needed to partner with a systems integrator able to align platform to their business model, have experience of the Australian mortgage industry and a deep understanding of the loans origination lifecycle.
The program scope for 86 400’s loan origination solution spanned the entire software lifecycle of design, build, implement and run, including project managing the solutions roll-out.

86 400 had a vision of their straight through decisioning process and customer value proposition but needed to validate it against real-world experience. 86 400 stakeholders required all key partners to assist 86 400 in designing the final solution landscape.

86 400 required the loan origination solution provider to align customer experience, system processes and application behaviour to support its desired straight through automated loan process, business rules and credit policies.

86 400 required a system integrator to design and document the scope of each integration point with key service providers. 86 400 required a system integrator to engage with individual service providers the project manage, build, test and implement each integration point within the solution landscape.”