P&N Bank is WA’s largest locally owned and managed bank. Now it’s earned a place in digital banking history by clocking up over 100 successful online property transactions.
Selina Duncalf, Chief Operating Officer said technology in the digital banking space is changing the way consumers research and apply for loans and now a new online platform is helping the Bank provide digital settlements saving time for staff and P&N's members.
“Our members have the right to expect a seamless end-to-end lending digital experience and online platforms such as those provided by PEXA* are making that far more achievable,” she said.
“Previously our settlement process involved a lot of shoe leather with staff having to regularly attend the land titles office, as well as considerable amounts of time spent waiting on the phone to book settlements. Going digital means quicker and more efficient work practices, bringing a reduced risk of delays and fewer cancelled or delayed property settlements.
“Our team are enjoying improved operational efficiency by communicating online within the PEXA platform and, as we take more transactions online, there will be less cheques, less need to physically attend settlements and greater member satisfaction."
"As an early adopter of the PEXA platform, we couldn't be more pleased with the efficiency and improved member experience it has delivered."
Kerrie Nayler (P&N Bank)
PEXA is transforming the way property is transacted. These historic changes are on par with the introduction of the Australian Stock Exchange (ASX), EFTPOS and online banking. Similarly, PEXA is bringing an online exchange for financial institutions, lawyers, conveyancers and land registries to complete property settlements. Funds settle through the Reserve Bank of Australia.
PEXA evolved from a 2010 Council of Australian Governments’ mandate to deliver a national e-conveyancing solution in collaboration with the Australian Bankers Association, the Australian Law Council, the Australian Institute of Conveyancers, the four major banks and state land titles’ offices to reform a paper-based settlement system dating back to the 1850s. PwC’s Digital Property Report cites key opinion leaders calling to bring conveyancing into the digital era. PEXA’s shareholders comprise Australia’s largest state governments, major banks, Macquarie Bank, the Little Group and Link Group.
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