Transforming how Australian property is bought & sold - IT Innovator of the Year winner

Guiding 132 mortgage lenders to digitise property transactions has earned Chief Financial Services Officer Marielle Yeoh the Money Management, IT Innovator of the Year award.

Ms Yeoh works for Property Exchange Australia – PEXA – the digital start-up that’s transforming how banks, lawyers and conveyancers transact property. PEXA evolved from a successfully implemented Federal and State Government (COAG) reform to bring conveyancing into the digital economy.

With value exceeding $7.2 trillion dollars, residential property remains Australia’s largest asset class, yet until recently, properties were only exchanged and settled manually. Consumers often bore the pain points that can occur using outdated pen and paper property settlement methods.

Over the past 12 months Ms Yeoh has worked tirelessly steering lenders - representing 98% of the Australian mortgage lending market - onto PEXA’s online property exchange, with more than 90% of all standalone transactions and 50% of all refinances now completed digitally through PEXA.

“Together with lenders and conveyancers, PEXA is bringing property sales into the 21st Century to help overcome the stress experienced by one in three property consumers who are frustrated by errors that often occur using outdated pen and paper property settlement methods,” she said.

“By moving property transactions online, Australians now benefit from a fast, safe and more efficient property exchange process, reducing delays caused by manual errors, improving how homes are bought and sold.

“PEXA is in turn guiding banks, credit unions and mutuals to digitise property transactions. To move the industry online this quickly required an unprecedented level of cooperation from Australia’s entire banking community, with natural competitors coming together to collaborate on the development and execution of paperless property exchange.

“PEXAs Financial Services team has helped build a network through collaboration, rather than viewing this as a straight technology project. Through a series of integration efforts, PEXA has been embedded into core banking infrastructure. Helping mortgage lenders understand the upstream opportunities including consumer apps and workflow dashboards represents the next frontier in customer banking.”

 PEXA AT A GLANCE:

·         - A digital platform for completing online lodgement and property settlements

·         - The value of property transacted through PEXA’s platform is well in excess of $78 billion and fast approaching $100 billion

·         - Integrates into state-based land registries in QLD, Victoria, NSW, WA and SA

·         - Conveyancers, lawyers, banks and land registries interact and share information

·        -  Banishes cheques, postal services and attending settlement in person

·        -  Property sellers' funds can be promptly banked. No more lengthy cheque clearance times

Media enquiries: Jo Waldon, General Manager, Corporate Affairs, PEXA: 0402 252 559