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Around 4,000 brokers will now be able to access an enhanced BrokerEngine platform that can directly lodge applications into ApplyOnline.
ASX-listed aggregator Australian Finance Group Ltd (AFG) has officially launched its new broker platform, BrokerEngine Plus, which can reportedly reduce loan processing time by up to 90 minutes per deal.
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The platform, built using the workflow management platform BrokerEngine (majority owned by AFG), introduces enhanced features, including direct lodgement/automated submission to ApplyOnline, while eliminating data entry duplication and simplifying operations and team workflow.
Other new features include:
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Automated task prioritisation.
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Customisable workflows.
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Direct communication tools (such as automated SMS and email updates).
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Secure document collection and compliance (through the FinanceVault portal).
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Enhanced communication with clients.
AFG said the aim of BrokerEngine Plus – developed exclusively for AFG’s network of more than 4,000 mortgage brokers – was to provide “market-leading technology” that improves productivity, reduces costs, improves quality, and enhances security.
Officially launching the BrokerEngine Plus platform at AFG Next, the aggregator’s national broker conference being held on the Gold Coast on Wednesday (13 November), AFG’s chief digital officer, Sam McCready, said: “We have re-looked at every part of the loan application and lodgement process with the view that every minute we save a broker directly translates into saving them money and to retain customers by delivering an improved experience.”
McCready said by eliminating the duplication of data entry while supporting compliance, BrokerEngine Plus can help streamline broker processes and avoid errors.
“Automated communication tools and customisable workflows keep teams and clients informed of deal progress, save time and effort and reduce the need for manual client updates,” he said.
AFG’s head of sales and distribution, Them Lam, said: “BrokerEngine Plus could save brokers thousands of hours each year on administration tasks, freeing them to focus on other higher value activities within their business.”
First signalled during the group’s financial year 2024 results, the enhanced broker platform has been in development for the past 14 months.
More than 100 AFG employees have been involved in its development, with a pilot having already been held with AFG brokers.
Nicole Cannon, owner of Sydney-based brokerage Pink Finance, had been using the new platform over the trial and said: “BrokerEngine Plus is a game-changer. It automates manual tasks, saves time, and reduces errors.
“Our clients love the consistent communication, which has made a real difference in their experience.”
BrokerEngine Plus has now turned on to all AFG brokers using Broker Engine, and any new onboarded groups can also have immediate access to the functionality.
Speaking earlier this year, AFG CEO David Bailey said that the group’s investment in BrokerEngine would further attract new brokers to the group and increase broker productivity.
Bailey said in September: “We are on the brink of completing the integration of the BrokerEngine platform into our technology suite. Our investment has enabled us to scale this technology, improving efficiency in broker operations and allowing them to provide seamless, compliant services to their clients.
“It’s rewarding to see our strategic vision for this investment coming to fruition delivering a best-in-market platform for our brokers and further scalability for AFG.”
McCready said that AFG was committed to continuously enhancing the platform with a planned roadmap of new features.
“AFG’s mission with this platform is to help drive broker productivity and ensure an outstanding customer experience for brokers and their clients,” he said.
BrokerEngine Plus is available to all AFG brokers as part of AFG’s integrated technology suite that includes Analytics, Lenders, Learn, and Help.
[Related: AFG settles record volume in FY24]
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