“AMP Bank has done a tremendous amount of work to support brokers, and this is evident through its investment in technology,” said Mike Ponsonby, NextGen head of customer accounts. “They’re focused on delivering smarter, more efficient digital experiences for brokers and their customers.”
Three new tools have been introduced by the bank within the ApplyOnline platform, to further reduce loan approval times and increase home loan origination capacity, supporting its strategy to grow the bank. These are the Access Seeker credit report service, Broker-Ordered Valuations, and the new NextGenID service.
“By incorporating NextGen’s services, we are receiving more complete applications, enabling us to improve our time to ‘yes’ by reducing requests for missing or additional information,” said Melissa Christy, head of lending operations.
Part of the ApplyOnline Financial Passport, the Access Seeker service provides brokers with upfront access to comprehensive, complete, and accurate financial data prior to submitting a loan to the lender. The complimentary service within ApplyOnline delivers an analysis of reported data against an applicant’s declared data, improving the accuracy of serviceability assessments and greatly enhancing application quality.
“The Access Seeker service improves the quality of conversations brokers have with their clients,” Ponsonby said. “It also creates less back and forth between the lender and broker, and ultimately the broker and loan applicant will get an earlier approval than they would without it.”
The implementation of AMP Bank’s ApplyOnline Broker-Ordered Valuations service allows brokers to order valuations directly through ApplyOnline on a standalone basis or at set stages throughout the application process. This facilitates faster valuation turnaround times and no need for data rekeying.
AMP Bank is the first lender to go live with NextGenID, the new digital verification of identity (VOI) service embedded directly within ApplyOnline. NextGenID uses biometric technology and optical character recognition to automate and streamlines the VOI process, from point of sale to assessment. By adopting real-time ID capture and fraud assessment, AMP Bank empowers brokers with fast, definitive identity verification to drive both efficiencies and quality.
“The NextGenID tool streamlines the identification process for all users, providing a faster time to yes while protecting the privacy of the applicant,” Ponsonby said. “It eliminates the need for manual intervention or missing information requests when it comes to applicant identity requirements, cutting processing times, and costs.”
“Over the last three months, we've seen a great improvement in time to approval,” Christy said. “The impact of our recent enhancements with ApplyOnline has been positive, making it quicker and more convenient for brokers and their customers to borrow with AMP Bank.”
