MELBOURNE (CU)_Australia’s mortgage market, which is said to be worth about $1.9 trillion, is a pillar of profitability for some of the top banks in the country. In an age of sweeping digital change, as retail, taxis and even financial service industries are being subjected to digital disruptions, the question arises as to whether the mortgage engine rooms of some of the major banks in the country are falling behind.
Considering the “big four” banks of Australia, it is only Commonwealth Bank which has managed to expand its already enormous slice of the market, mainly as a result of its flexible system of approving loan applications. Yet, some of the major banks, ANZ Bank, National Australia Bank and Westpac in particular, have in fact failed to reap to benefits of a technology upgrade which would have enabled them expand their mortgage portfolios to suit the market.
According to experts, banks make an outrageously large…
