Digital neobank, 86 400, has its sights set on becoming a genuine alternative to the big four banks by delivering all the capabilities of a bank on a consumers’ phone. Currently in the process of obtaining an unrestricted banking licence, they plan to launch in mid-2019 with a full digital product suite, from transaction and savings accounts right through to home loans.

86 400’s aim is to drive genuine change in the Australian banking industry. They plan to differentiate themselves by leveraging mobile technology in order to reinvent and personalise the customer banking experience.

As a start-up, unencumbered by legacy systems and processes, 86 400 needed help developing their digital offerings - specifically to transform the manual process of loan origination into a fully automated digital process.

Through a competitive tender, they chose Loanworks to create a solution that would do just that.


In late 2017, when first engaged by 86 400, Loanworks had an existing ‘out of the box’ loan origination platform, which was already integrated with the majority of 86 400’s core third party service providers. The platform however needed to be tailored to meet their specific needs.

We kicked off the engagement with a series of workshops to identify 86 400’s critical issues, priorities and objectives. Armed with a clear understanding of their business, the project’s potential risks and opportunities, and the company’s ultimate goal, we devised a detailed solution, incorporating 86 400’s explicit requirements.

Our solution involved integrating the Loanworks origination systems with additional value-adding third parties.

Loanworks’ platform also assigned tasks and generated the necessary documents to support the origination process. To execute the above integrations, we used a variety of coding technologies, including ASP.NET, Web services, SQL server, AJAX, XML and JSON.

Over the course of eight months, the Loanworks team of three developers, a quantitative analyst, a service delivery manager and a solution delivery manager worked with 86 400 to deliver stage one of the project.


Launched in beta at the end of 2018, 86 400 is due to go live in mid-to-late 2019, with its intuitive mobile banking app. They’ll use technology, data and machine learning to deliver personalised service, based on what their customers value the most in real time.

Loanworks was tasked to develop, and subsequently delivered, a cloud-based, end-to-end, straight through processing digital loans origination platform, fully integrated with third party providers, which incorporates everything from lead capture, credit assessment and credit decisioning, right through to mortgage document preparation and settlement.

By automating the entire origination workflow from start to finish, headcount costs will be contained, error rates will be limited, and loan processing speeds and productivity increased. Subsequent savings can be reinvested to fulfil 86 400’s goal of building a bank that is truly technology led.

Loanworks is continuing its work with 86 400 and exploring additional options to add further value to their systems and processes.

“We’ve worked closely with Loanworks in delivering our home loan proposition to market. They are really easy to work with, their response times are great and the system has been very flexible to cater for our customised solution.”

Melissa Christy
Home Loan Lead, 86 400

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