RedZed goes live with the world’s first SAP cloud banking solution
RedZed has become the first mortgage lender in the world to go live with SAP Cloud for Banking. This implementation demonstrates RedZed’s continued commitment to investing in the technology that will allow it to serve its customers better and support its mission to help self-employed Australians.
Founded in 2006, RedZed has provided residential and commercial mortgages to thousands of small and medium business owners throughout Australia. To continue its focus on delivering an outstanding customer experience while continuing to grow RedZed needed a technology infrastructure solution that would provide both scalability and flexibility as well as increased integration potential for its future technology needs.
RedZed selected SAP Cloud for Banking after running a supplier evaluation exploring: ease of implementation and use; open cloud-based platform with API driven architecture; evidence of ongoing investment in research and development, and a platform that was designed as an Australian model bank, to meet local regulatory requirements.
Evan Dwyer, Managing Director, RedZed says, “Olympic runners don’t wear thongs. We want to be the largest provider of financial services for the self-employed in Australia – bigger than the big four’s business banks. We have huge ambitions – in the near term we want to increase our loan book to $10 billion. To do this, we need a world-class system that will match our vision and enable us to scale.”
By consolidating its data into one platform, the business will be able to improve the experience of its borrowers, brokers as well as its staff.
“SAP Cloud for Banking’s robust infrastructure provides us with the peace of mind that we will have a strong technology platform that will support our continued growth. Furthermore, the software meets the rigorous contractual, regulatory and cybersecurity frameworks that underpin the financial services sector in Australia.”
“The new platform has enabled our staff to realise value quickly by providing accurate data that is improving our relationship with our customers and partners. This data also means our senior management team are equipped with real-time updates on business performance and can respond to the needs of investors and regulators as and when required,” Dwyer adds.
Damien Bueno, President and Managing Director, SAP Australia and New Zealand says:
“The home loan market is extremely competitive and being able to predict and respond quickly to customer needs is critical for today’s lenders. With SAP Cloud for Banking, RedZed has digitally enabled itself with a platform that is agile and future-looking, ensuring it can quickly take advantage of opportunities and predict customer needs.
SAP may not have always been thought of as the partner to enable a fast-growing finance business like RedZed, but we’ve proved ourselves time and again as an agile cloud technology partner for the financial services sector. Our cloud-based core banking solution is quick to deploy and easy to use, delivering RedZed the opportunity to build delightful customer experiences and meet its vision to be the biggest provider of financial services for the self-employed in Australia.”
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