Westpac has joined forces with Australian tech platform CitoPlus to introduce a new digital platform that enables brokers to submit loan applications for business customers online.
Starting in October, brokers will have access to Westpac business lending products via this platform, allowing them to submit applications, upload documents, and track the progress of deals in real-time.
The new digital platform aims to provide brokers with a faster, more efficient way to manage loan applications, enhancing the overall experience for small and medium-sized enterprise (SME) and commercial customers.
“Our partnership with CitoPlus is about making it easier for customers, with faster access to finance, less back and forth and only asking the questions that matter,” said Shane Howell (pictured above left), Westpac general manager for commercial banking.
While the platform enhances digital interactions, Westpac’s specialist bankers remain a critical part of the process. Howell stressed that Westpac bankers will continue to be the key point of contact to ensure successful outcomes.
“At the other end of the digital experience will be Westpac industry and SME third-party specialist bankers,” he said.
“Customers will be partnered with expert bankers to suit their needs, whether they’re in healthcare, professional services, property development or agribusiness.”
Graham Strain (pictured above right), co-founder of CitoPlus, which partnered with Finsure last year, highlighted the importance of blending human judgement with digital solutions in the lending process.
“We are delighted to partner with Westpac to digitise SME loan applications via the broker channel,” Strain said. “A combination of human judgement and digitisation is the future of SME lending, and this initiative helps make the right tailored solution easy to source.”
Strain said that the platform would empower brokers to provide better service by offering a seamless and quick way to manage information.
“Our unique digital platform helps brokers provide great service to their clients and work with the right information, faster,” he said. “Westpac’s commitment to providing a better experience for everyone involved is something we are excited to help make happen.”
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