Adelaide Bank focuses on ease of use for brokers
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With digital loan applications standard across the industry for close to a decade, more and more lenders are now embracing the technology to also make loan variations easier
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THANKS TO ApplyOnline for variations, Adelaide Bank has been able to streamline its approach to lifelong loan transactions, empowering brokers to take ownership of customers’ changing needs throughout the duration of a loan. By making the switch from a “legacy variations processing system” to within ApplyOnline, the broker is provided with a variations process that’s efficient, fast and compliant.
Darren Kasehagen, General Manager Third Party Banking at Bendigo and Adelaide Bank, says the decision to implement NextGen’s ApplyOnline for variations was “mainly internally driven”.
“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,” Kasehagen says.
“I think unfortunately brokers got used to us asking them to jump through hoops, and they gave up asking to change. So besides wanting to deliver a competitive offering, our focus was on improving our value proposition to brokers and ensuring their ease of use improved."
NextGen rolled out ApplyOnline for variations for Adelaide Bank in November 2021.
“We already had an existing partnership with NextGen, and so adding this additional functionality to help our brokers and improve our own internal inefficiencies just made sense to us,” Kasehagen says.
ApplyOnline for variations offers the same features and efficiencies for existing loans as for new loan applications, with the added benefit that all application data is already pre-populated.
Empowering brokers to manage variations for customers electronically through ApplyOnline puts the original lender, as well as the broker, at a greater advantage when it comes to retaining the loan.
NextGen is Australia's leading technology solution provider to the lending industry, focused on delivering quality products and services to a range of banks, non-bank lenders and brokers. Our mission is to make lending easy by delivering best-in-class Software as a Service (SaaS), and leading the market in quality management, compliance and processing efficiencies.
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“Adelaide Bank has had a huge focus on improving their experience for new customers who want to take out a home loan. Now they’re focused on greater experiences for existing customers and rewarding them for remaining with Adelaide Bank”
Mike Ponsonby,
NextGen
NextGen rolled out ApplyOnline for variations for Adelaide Bank in November 2021.
“We already had an existing partnership with NextGen, and so adding this additional functionality to help our brokers and improve our own internal inefficiencies just made sense to us,” Kasehagen says.
ApplyOnline for variations offers the same features and efficiencies for existing loans as for new loan applications, with the added benefit that all application data is already pre-populated.
Empowering brokers to manage variations for customers electronically through ApplyOnline puts the original lender, as well as the broker, at a greater advantage when it comes to retaining the loan.
Darren Kasehagen,
Bendigo and Adelaide Bank
“Over the last 18 months Adelaide Bank has had a huge focus on improving their experience for new customers who want to take out a home loan,” says NextGen’s Head of Customer Accounts, Mike Ponsonby.
“Now they’re focused on greater experiences for existing customers and rewarding them for remaining with Adelaide Bank.”
Kasehagen points to Adelaide Bank’s remarkable growth streak – its portfolio having climbed from $15bn to $27bn in four and a half years.
In July 2017, Kasehagen became co-head of the third party banking division at Bendigo and Adelaide Bank, explaining that the first order of business was to start investing and transitioning to a better broker experience.
“We needed to build a culture of wanting to grow, wanting to improve our offering, and to also look to beat our competitors. We reminded the broader team that as a publicly listed entity we had shareholders to consider, and so we needed to improve our financial performance, and one sure way to do that is by improving our proposition in the broker market which had so much potential.
“Once we started turning things around and began growing the portfolio again in March 2018, we haven’t missed a month of growth since and have almost doubled our contribution to group profit,” he says.
“ApplyOnline for variations replicates the acclaimed ApplyOnline service for new loans and has made Adelaide Bank a ‘one-stop shop’ for brokers," says Kasehagen.
Ponsonby notes that, 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,” he says. “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 Verification Service that enables brokers to upload and verify a borrower’s identification documents digitally.
“Now we offer a fully digital verification ID service for our brokers. This removes a massive pain point, because prior to that we had been asking them to manually upload that information,” says Kasehagen.
Ponsonby adds, “Adelaide Bank is proactively forging a seamless experience for brokers, whether it be for onboarding new customers or helping them service existing ones. Their innovative approach to utilising technology is working to create better outcomes for borrowers and make lending easy.”
“Over the last 18 months Adelaide Bank has had a huge focus on improving their experience for new customers who want to take out a home loan,” says NextGen’s Head of Customer Accounts, Mike Ponsonby.
“Now they’re focused on greater experiences for existing customers and rewarding them for remaining with Adelaide Bank.”
Kasehagen points to Adelaide Bank’s remarkable growth streak – its portfolio having climbed from $15bn to $27bn in four and a half years.
In July 2017, Kasehagen became co-head of the third party banking division at Bendigo and Adelaide Bank, explaining that the first order of business was to start investing and transitioning to a better broker experience.
“We needed to build a culture of wanting to grow, wanting to improve our offering, and to also look to beat our competitors. We reminded the broader team that as a publicly listed entity we had shareholders to consider, and so we needed to improve our financial performance, and one sure way to do that is by improving our proposition in the broker market which had so much potential.
“Once we started turning things around and began growing the portfolio again in March 2018, we haven’t missed a month of growth since and have almost doubled our contribution to group profit,” he says.
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TV
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Copyright © 2022 Key Media Pty Ltd
Mike Ponsonby, NextGen
“Adelaide Bank has had a huge focus on improving their experience for new customers who want to take out a home loan. Now they’re focused on greater experiences for existing customers and rewarding them for remaining with Adelaide Bank”
“ApplyOnline for variations replicates the acclaimed ApplyOnline service for new loans and has made Adelaide Bank a ‘one-stop shop’ for brokers," says Kasehagen.
Ponsonby notes that, 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,” he says. “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 Verification Service that enables brokers to upload and verify a borrower’s identification documents digitally.
“Now we offer a fully digital verification ID service for our brokers. This removes a massive pain point, because prior to that we had been asking them to manually upload that information,” says Kasehagen.
Ponsonby adds, “Adelaide Bank is proactively forging a seamless experience for brokers, whether it be for onboarding new customers or helping them service existing ones. Their innovative approach to utilising technology is working to create better outcomes for borrowers and make lending easy.”
Darren Kasehagen, Bendigo and Adelaide Bank
“ApplyOnline for variations replicates the acclaimed ApplyOnline service for new loans and has made Adelaide Bank a 'one-stop shop' for brokers”
Darren Kasehagen,
Bendigo and Adelaide Bank
“ApplyOnline for variations replicates the acclaimed ApplyOnline service for new loans and has made Adelaide Bank a 'one-stop shop' for brokers”