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AMP Bank has announced the launch of FASTRefi, a refinancing solution aimed at reducing the time it takes from unconditional loan approval to settlement.
The solution is delivered in partnership with FMS/First Title and is designed to provide a streamlined experience for brokers, customers and advisers.
The pilot stage has already resulted in faster “time to settlement,” according to AMP Bank, with a 20% increase in one-touch verifications and a reduction in the time to funding by a third, down to three days once customers' documents have been returned.
AMP Bank is the first lender to deploy the enhanced version of FASTRefi, as part of a significant investment in home loan processing technology.
The bank has been focused on delivering a strong service experience across its channels, introducing several enhancements such as digital signatures (eSign) for loan applications and a digital verification of identity (VOI) tool in the past year.
“By driving digitisation and automation, we're able to better support brokers and improve the lending experience,” said Melissa Christy (pictured above), AMP Bank’s head of lending operations and client assist.
“FASTRefi makes refinancing to AMP Bank faster and simpler, allowing settlement to take place within a few days of unconditional approval, giving customers greater certainty. In a strong refinance market, it's important we have the right technology in place to support our brokers and deliver for customers.”
The bank said it made the improvements following feedback from brokers and advisers, and the project also supported its strategic objectives to enhance self-serve capability, and digitise and automate the lending experience across its channels. Average customer cycle time to unconditional approval has improved by 33% since last year, AMP Bank said.
Christy said the bank also recently delivered the first phase of its enhancements to Top-ups in ApplyOnline, providing a faster time to approval, greater efficiency in how deals were managed and assessed through the workload management tool Get Next.
It also set up a new AMP-dedicated FMS phone line for brokers, to provide a better service experience.
“In a strong refinance market, it’s important we have the right technology in place to support our brokers and deliver for customers,” said Christy. “AMP Bank continues to focus on embedding a digital-first service experience for customers and brokers and delivering ongoing improvements in the lending origination experience.”
