In November, NextGen rolled out ApplyOnline for variations for Adelaide Bank, to streamline the bank’s approach to lifelong loan transactions, empowering brokers to take ownership of customers’ changing needs throughout the duration of a loan.
But just how does the tech solution empower brokers?
Making the switch from a “legacy variations processing system” to within ApplyOnline provides brokers with a variations process that’s efficient, fast, and compliant.
“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,” said Darren Kasehagen, general manager of third-party banking at Bendigo and Adelaide Bank.
ApplyOnline for variations has the same features and efficiencies for existing loans as for new loan applications, but with the added benefit that all application data is already pre-populated.
By enabling brokers to manage variations for customers electronically through ApplyOnline, both the original lender and the broker are at a greater advantage when it comes to retaining the loan.
“ApplyOnline for variations replicates the acclaimed ApplyOnline service for new loans and has made Adelaide Bank a ‘one-stop shop’ for brokers,” Kasehagen said.
Through this addition, Adelaide Bank is providing consistency of service to its brokers and customers.
“There’s no point of differentiation when you deal with a lender that has embraced ApplyOnline for variations,” said Mike Ponsonby, NextGen’s head of customer accounts. “It’s the same experience as with a new digital application. That’s what all brokers want. They want consistency of process, reliability, and efficiency in one digital experience. They leverage existing information that they’re already holding. They don’t start with a blank page. So it’s a far quicker and easier process. It’s also tailored to the type of variation. For example, if it’s a non-credit critical variation, they don’t need to ask for all the information again.”
Along with this enhancement, Adelaide Bank has also implemented the ApplyOnline Document, which enables brokers to upload and verify a borrower’s identification documents digitally.
“Now we offer a fully digital verification ID service for our brokers,” Kasehagen said. “This removes a massive pain point, because prior to that we had been asking them to manually upload that information.”
“Adelaide Bank is proactively forging a seamless experience for brokers, whether it be for onboarding new customers or helping them service existing ones,” Ponsonby said. “Their innovative approach to utilising technology is working to create better outcomes for borrowers and make lending easy.”
