Adelaide Bank is the latest to join the list of lenders providing a digital variation application for brokers using the ApplyOnline software.
The technology upgrade will digitalise Adelainde Bank’s platform and help to streamline processes for its brokers. It will offer the same features for variations in existing loans and new loans with the additional benefit of pre-populated data.
It was this product that was taken on with gusto by Finsure, Resimac, Loan Market and Purple Circle, as reported in Australian Broker, and resulted in them halving their processing time. Empowering brokers to manage variations for customers through ApplyOnline also puts the original lender and the broker at a greater advantage of retaining the loan, according to a Press statement.
Darren Kasehagen, general manager for third-party banking at Bendigo and Adelaide Bank, was more than keen to make the shift from traditional to digital, especially since Adelaide Bank already had an existing partnership with NextGen – the fintech behind ApplyOnline.
“Our former variations process was manual and paper-based and brokers had to follow different protocols and processes depending on the type of loan they were originating, which made it very inefficient all round,” Kasehagen said.
In addition, Adelaide Bank has also hopped on the ApplyOnline Document Verification Service, which enables brokers to confirm a customer’s identity electronically.
“Over the last 18 months Adelaide Bank has had a huge focus on improving their experience for new customers who want to take out a home loan,” said Mike Ponsonby, head of customer accounts at NextGen, “Now they’re focused on greater experiences for existing customers and rewarding them for remaining with Adelaide Bank.”
“That’s what all brokers want. They want consistency of process, reliability, and efficiency in one digital experience,” Ponsonby added. “With variation applications within ApplyOnline, they leverage existing information that they’re already holding. They don’t start with a blank page.”
