AMP Bank continues to invest in broker technology

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Demonstrating its ongoing commitment to the third party channel, AMP Bank has rolled out significant technology enhancements to further digitise and automate the lending process

AIMING TO simplify and improve the lending experience for brokers, advisers and customers, AMP Bank has introduced a number of new tools within the ApplyOnline platform, including the ‘Access Seeker’ credit report service, ‘Broker-Ordered Valuations’ and the new ‘NextGenID’ service. “We want to make it as easy as possible for brokers, advisers and customers to do business with us,” says Melissa Christy, who joined AMP Bank as head of lending operations and client assist earlier this year. “Enhancements are being made right across the origination experience. NextGen will play an important role in enhancing the [home loan origination] process by helping us to improve the quality of applications we receive from brokers, as well as streamlining the assessment process.

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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“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. Working with NextGen helps us to provide a hassle-free application process, creating a great experience for brokers and advisers''

Melissa Christy, AMP Bank

“My vision is to automate the end-to-end origination process and to reduce manual processes and verification checks, making the process easier and faster for brokers, advisers, customers and our teams.” NextGen head of customer accounts Mike Ponsonby says, “AMP Bank has done a tremendous amount of work to support brokers, and this is evident through its investment in technology. They’re focused on delivering smarter, more efficient digital experiences for brokers and their customers.” AMP Bank is making strategic investments to further reduce loan approval times and increase home loan origination capacity, supporting its strategy to grow the bank. “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. Working with NextGen helps us to provide a hassle-free application process, creating a great experience for brokers and advisers,'' says Christy.

“AMP Bank has done a tremendous amount of work to support brokers, and this is evident through its investment in technology. They’re focused on delivering smarter, more efficient digital experiences for brokers and their customers”

Mike Ponsonby, NextGen

Part of the ApplyOnline Financial Passport, the recently launched 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. 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,” says Ponsonby. Last month AMP Bank also implemented the ApplyOnline Broker-Ordered Valuations service, allowing the broker to order valuations directly through ApplyOnline on a stand-alone basis or at set stages throughout the application process. This allows for 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. Using biometric technology and optical character recognition, NextGenID automates and streamlines the VOI process, from point of sale to assessment. 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,” says Ponsonby. “It eliminates the need for manual intervention or missing information requests when it comes to applicant identity requirements, cutting processing times and costs.”

Christy says, “Over the last three months, we've seen a great improvement in time to approval. 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. “We’re committed to continually strengthening our service and support, with more initiatives in the pipeline. Our ongoing investment in technology, process and people will ensure AMP Bank continues to deliver fast and consistent service to our customers, brokers and advisers.”

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Demonstrating its ongoing commitment to the third party channel, AMP Bank has rolled out significant technology enhancements to further digitise and automate the lending process