Australia’s financial institutions shoulder a significant amount of the property industry’s settlement volume. In peak periods, a single bank can process well over 1,000 transactions each day.
This places extreme demand on operational teams. To better manage their settlements, they needed a tailored solution for assessing and working through upcoming matters, to best coordinate staff and Workspaces settle on time.
This led to PEXA co-designing PEXA Planner, in collaboration with the financial institutions.
PEXA Planner is an application built for high settlement organisations, aiming to assist with the processing of Workspaces that are settling and not yet in Ready/Ready status.
It uses easy-to-read dashboards to provide greater detail on upcoming settlements, enabling users to quickly assess what actions must be taken in order to move the file to Ready/Ready status and to assist with overall task prioritisation.
Case study: ANZ
ANZ is one of the organisations nationally, that has introduced PEXA Planner to its settlement operations. Team Lead John McTiernan has been part of a unit that has utilised PEXA Planner over the last few months and he details their experiences thus far.
“Initially, it was used so that we could see people’s workloads at different times, to assist with coordination. Additionally, it helped us follow up with team members, to say hey, do you need some help?
“But lately, we’ve been using it more intensely – we now have a dedicated PEXA Planner team. They work through each settlement time booked during the day, from start to finish. On a busy day, we’ll have up to 7 people on the PEXA Planner team – who are all working together to ensure settlements proceed on time, without rolling.
“The team divide up the times and say ok, I’ll take the 10.30am files, then they might identify that there’s a high number at 11.00am, so they’ll assign two people there. You’ll have another two people managing the 11.30am matters and so on.”
Since implementing PEXA Planner, ANZ has recorded Transfer Guideline adherence uplift in the below areas:
7% increase in Transfer Guideline: Invitation Response rate
6% increase in Transfer Guideline: Conversation Response rate
6% increase in settlements being completed without rolling
Ascending to become the market leader among financial institutions in the % of Workspaces signed on-time
Ultimately, the goal of the technology is to help financial institutions streamline operations and achieve timely settlements, something which John notes that PEXA Planner has aided.
“There’s no way we could have done this without PEXA Planner.
“It enables us to chase our goal of getting all files signed 3 hours prior to settlement and without PEXA Planner, it would be very difficult to do.”
Navigating high volume periods
The industry has staple peak settlement times – the run-in to long weekends, end of financial year and the pre-Christmas rush are always on the radar for organisations.
But with 70% of property transactions now being completed online nationally, the ‘big days’ are more frequent. PEXA Planner, John shares, is an important tool when these occasions arise.
“PEXA Planner has already helped with getting us through those periods. We’ve had some very big days recently, we’ve had days with more than 600 settlements to work through – which is really high. Without PEXA Planner, those days would’ve been a lot harder.”
If you would like a demonstration or would like to gain access to PEXA Planner, please contact your PEXA representative or firstname.lastname@example.org
If you’d like to learn more about PEXA Planner, check out our guide to the functionality here.