The Australia and New Zealand Banking Group (ANZ) has moved into the real estate sector by purchasing the emerging Australian tech start-up REALas, reports AFR.
REALas is an app that gives prospective homebuyers the opportunity to find out accurate sale price predictions for properties on the market.
The acquisition of the start-up arrives as the bank is undergoing a transition to "agile teams", in an attempt to replicate the way tech giants such as Google and Facebook operate.
The managing director of customer experience and digital channels at ANZ, Peter Dalton, explained the company's decision in purchasing REALas.
"Purchasing a home is one of the biggest decisions many of our customers will ever make. Today buyers find it difficult to know what prices properties will sell for, and they can spend precious time trying to figure out what they can really afford," he said.
"REALas has a great analytic-led offering, with a unique algorithm that offers the most accurate price predictions to help those in the property market."