Gateway diversifies
with new digitised commercial offering
IN Partnership with
Carbon neutral certified Gateway Bank has opted for a digital-first approach to its launch into the commercial lending space
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GATEWAY BANK is now offering its newly introduced commercial property loan products via ApplyOnline Commercial.
“We didn’t long entertain the notion of a paper-based process,” says 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.
“ApplyOnline is a great tool that every broker uses. We’ve had great success with it with our residential loans, so adopting ApplyOnline Commercial was a no-brainer.”
Drummond talks of Gateway’s “bread and butter” residential loans. He says the decision to roll out a commercial offering was driven by a desire to back brokers seeking to diversify.
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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“Lenders are recognising that if they want to build scalable platforms to write serious volumes of commercial loans, they need to do so electronically. ApplyOnline Commercial has provided Gateway with an opportunity to scale without impacting its assessment team”
Tony Carn,
Chief Customer Officer, NextGen
A fundamental feature of Gateway’s commercial offering is no annual review.
“An annual review is a frustration and pain point for people who have a commercial loan. It screams administrative nightmare,” Drummond says.
“We have confidence in our credit assessment. If we thought you were good for it on day one, why would we look to change that position on day 365?”
ApplyOnline Commercial provides a 'plug and play' distribution method for 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.
“From a broad industry perspective, there’s been a
“By simplifying and speeding up the application process through utilising ApplyOnline as a digital lodgement platform, we will help more brokers have the opportunity to win more clients’ businesses in a growing market”
Zeb Drummond,
Gateway Bank
concentration on making the residential process smooth. Interest in commercial lending is there, but systems and support haven’t been directed towards commercial, and the opportunities have been underappreciated,” says Drummond.
“By simplifying and speeding up the application process through utilising ApplyOnline as a digital lodgement platform, we will help more brokers have the opportunity to win more clients’ businesses in a growing market.”
NextGen Chief Customer Officer Tony Carn says, “Lenders are recognising that if they want to build scalable platforms to write serious volumes of commercial loans, they need to do so electronically. ApplyOnline Commercial has provided Gateway with an opportunity to scale without impacting its assessment team.”
Gateway prides itself on its “human-first” mission statement.
“Our residential SLAs – 48 hours – are consistently among the best in the market, and we do it with humans looking at the applications. It’s not all automated from an assessment perspective,”
Drummond says.
“Our dedicated commercial team will handle the mortgage applications and assist brokers in submitting and fulfilling their clients’ needs.”
The ApplyOnline Commercial solution will enable brokers to submit commercial loan applications with the advantage of the same time-saving benefits offered by ApplyOnline for residential loans. Gateway’s solution will include 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,” says Carn.
“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.”
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“Lenders are recognising that if they want to build scalable platforms to write serious volumes of commercial loans, they need to do so electronically. ApplyOnline Commercial has provided Gateway with an opportunity to scale without impacting its assessment team”
“Lenders are recognising that if they want to build scalable platforms to write serious volumes of commercial loans, they need to do so electronically. ApplyOnline Commercial has provided Gateway with an opportunity to scale without impacting its assessment team”
“By simplifying and speeding up the application process through utilising ApplyOnline as a digital lodgement platform, we will help more brokers have the opportunity to win more clients’ businesses in a growing market”
Carbon neutral certified Gateway Bank has opted for a digital-first approach to its launch into the commercial lending space
Carbon neutral certified Gateway Bank has opted for a digital-first approach to its launch into the commercial lending space
Paper-based lodgement of commercial loans is complex and often incurs missing information requests, duplication of effort and errors within the submission process.
Drummond notes that ApplyOnline Commercial 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. We take all that risk out of commercial lending with straight-through data processing,” he says.
“And significantly, ApplyOnline Commercial enhances our dual purpose: to look after Australians’ pockets and the planet. That’s the key to everything we do.”
“By simplifying and speeding up the application process through utilising ApplyOnline as a digital lodgement platform, we will help more brokers have the opportunity to win more clients’ businesses in a growing market”
Zeb Drummond, Gateway Bank
