Property Exchange Australia - Most Innovative Tech Company of the Year
Company: Property Exchange Australia Ltd, Melbourne, VIC, Australia
Company Division/Group: PEXA Ltd
Company Description: PEXA is the world's first online property exchange platform allowing property transactions such as refinancing, caveats and transfers to be completed electronically. With interfaces into five jurisdictional Land Titles Offices and more that 115 financial institutions and 4000 legal firms customers, PEXA has revolutionised the way property is transacted in Australia.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Most Innovative Tech Company of the Year - Up to 2,500 Employees
Nomination Title: Property Exchange Australia (PEXA): Revolutionising Australia's $6.7T residential property market
Tell the story about what this nominated organization has achieved since 1 January 2016 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms.
With value exceeding $6.7 trillion dollars, residential property remains Australia’s largest asset class, yet properties are still exchanged and settled manually. As Former Australian Commonwealth Finance Minister Lindsay Tanner states “These days you do everything online…but there’s one thing you actually can’t do online and that’s make the biggest transaction of your life – your home. Basically it’s trying to make a colonial horse and buggy structure work in the 21st century!
Introducing PEXA; a world first electronic property exchange platform.
PEXA minimises the manual processes and paperwork associated with property settlements by enabling lawyers, conveyancers and financial institutions to transact property together online for the very first time. This includes instant lodgement with the relevant land registry and the simultaneous exchange of funds, providing real-time access of funds for the seller, ownership immediately registered on title for the purchaser and removal of the requirement for financial institutions and lawyers/conveyancers to physically attend settlement.
PEXA developed its customised settlement solution in consultation with all eight Australian Land Registries, the RBA, the four Major Banks and legal and conveyancing peak bodies; an unprecedented achievement in both intergovernmental cooperation, and public/private sector alignment; a success many other countries are now trying to emulate.
The end game? A faster, safer and more efficient property settlement process for all Australians.
In just 18 months, PEXA has captured more than 90% of the standalone property transaction market as well as 50% of the refinance market.
A staggering 115 financial institutions (representing 98% of the Australian Financial Institution lending market) have joined the network alongside more than 4000 legal and conveyancing firms, driving in excess of $50B in property value through the platform to date.
While financial institutions and legal/conveyancing firms clearly understand the efficiencies that come with digital innovations such as PEXA, this now extends out to all Australian homeowners.
PEXA not only provides a greater level of security and certainty for homeowners with a potential reduction in property fraud through electronic checks and balances, it also gives greater insight into the property settlement process.
PEXA recently launched its SettleMe app, a great example of new product innovation. SettleMe makes real-time settlement data available to buyers and sellers for the first time along with a settlement countdown clock and alerts immediately upon completion of settlement.
In late 2016, PEXA launched its ‘Projects’ functionality for property developers which uses robotics to automatically create online workspaces with mass data upload capability. What once took 7 minutes per transaction now takes only 6 seconds. As you can imagine, for those property developers settling some of the 210,000 large-scale allotment deals each year, this provides an unprecedented level of efficiency. In fact, not only are dealings now 166x faster but developers also benefit from substantial interest savings with billions of dollars in property transferred in minutes – not weeks.
For Australia’s largest banks, the efficiency gains are also very real with the industry reporting:
-a doubling of the number of property settlements an individual employee can process per day;
-a 50% reduction in settlement times; and
-a reduction in time taken to process a refinance application from 42 days down to just 17 (a massive win for Australian homeowners).
-Australia’s top government, business and policy minds have all come out publicly in their support for PEXA with the initiative considered of enough significance that is was mentioned by Australia’s largest bank in its most recent Annual Report to shareholders.
-Former Premier of Victoria John Brumby has said "PEXA is a successful model of regulatory reform. E-conveyancing benefits the economy as a whole" while Lynne Carter, Westpac Director of eConveyancing stated "It will revolutionise the way we settle home lending".
-Ian Gilbert, Policy Director, Australian Bankers’ Association said PEXA is "Good for consumers because they will have greater certainty the settlement will go ahead once you get to the end of the process".
In bullet-list form, briefly summarize up to ten (10) of the chief accomplishments of this organization since the beginning of 2016 (up to 150 words).
-An independent market valuation of $839m, up from $500m in January 2016
-A compound quarterly growth rate of 68%
-Expansion from a single office in Victoria through to seven offices, supporting 250+ employees across two countries
-Launched into a fifth jurisdiction
-Built a network of more than 4200 active participants across the banking and legal/conveyancing sector
-650% growth in the number of property transfers completed online through PEXA (June 2016 – June2017)
-Captured nearly 10% of the Property Developer market in less than 12 months
-More than 80 positive media clippings in the past 12 months
-Launched “SettleMe”; an app allowing Australians to track the purchase and/or sale of their property in real time
Of the following measures of success, which ONE do you want the judges to most appreciate about
your organization's story of achievement since the beginning of 2016?