Gateway Bank has recently introduced commercial property loan products via ApplyOnline Commercial – a digital platform that makes the lending application process simple and seamless.
But just how does ApplyOnline Commercial empower Gateway’s broker partners and at the same time protect the planet?
“We didn’t long entertain the notion of a paper-based process,” said Zeb Drummond, Gateway's head of customer operations. “We wanted to consolidate our ‘Pocket & Planet’ sustainability purpose and of course support our broker partners by delivering a first-class service that would make the application process as simple and as seamless as possible.”
Following ApplyOnline’s success with Gateway’s residential loans, the bank decided to adapt it to its commercial offering.
ApplyOnline Commercial uses a “plug and play” distribution method that allows Gateway to offer its commercial products to the third-party channel within a streamlined application framework that ensures the most accurate information and required documentation is captured at point of sale.
“By simplifying and speeding up the application process through utilising ApplyOnline as a digital lodgment platform, we will help more brokers have the opportunity to win more clients’ businesses in a growing market,” Drummond said.
“Lenders are recognising that if they want to build scalable platforms to write serious volumes of commercial loans, they need to do so electronically,” said Tony Carn, NextGen chief customer officer. “ApplyOnline Commercial has provided Gateway with an opportunity to scale without impacting its assessment team.”
Not only does the ApplyOnline Commercial solution have the advantage of time-saving benefits, it also includes tools such as the ApplyOnline Supporting Documents service and the ApplyOnline Serviceability Calculator.
“It’s imperative that brokers can see whether an applicant can service a loan quickly,” Carn said. “To be able to qualify the customer’s opportunity quickly through the ApplyOnline Serviceability Calculator is something that can’t be achieved with paper and Excel.”
Another advantage of ApplyOnline Commercial is that it prevents double handling.
“It takes what a broker puts into the system and sends it directly into our origination platform without someone misinterpreting, misreading, or mistyping,” Drummond said. “We take all that risk out of commercial lending with straight-through data processing. And significantly, ApplyOnline Commercial enhances our dual purpose: to look after Australians’ pockets and the planet. That’s the key to everything we do.”
