AMP Bank has rolled out Digital eSignatures (eSign) for loan applications and will soon launch Comprehensive Credit Report functionality, to simplify and speed up the home loan approval process for brokers, advisers, and their customers.
Using the eSign functionality, customers can sign their application form and borrower interview guide online, without the need to print and physically sign documents. It also removes manual verification by AMP Bank. Powered by NextGen and First Mortgage Services, eSign adds to the electronic signing feature already available for loan documents.
Available from March 21, the Comprehensive Credit Report “Access Seeker” service, provided by Equifax and NextGen, will give upfront visibility of customer liabilities without impacting the customer’s credit file. The bank’s application portal, ApplyOnline, will flag information missing from an application, helping our brokers, advisers, and customers to submit more accurate, complete, and timely applications.
These new features follow enhancements to AMP’s auto credit decisioning engine, which has seen a 75% improvement in the automated decisioning rate, resulting in faster, more consistent approvals.
“The new functionality is another important step forward for AMP Bank to simplify and improve the lending experience for brokers and advisers,” said Sean O’Malley, AMP Bank group executive. “Both eSign and the new Comprehensive Credit Reports will make it easier and quicker to originate and approve loans with AMP Bank. The technology reflects AMP’s ongoing strategic investments to enhance AMP Bank’s systems and commitment to further reduce loan approval times and increase home loan origination capacity, which increased by 70% last year.”
O’Malley said the bank is focused this year on further digitising and automating lending processes.
