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A mutual bank has seen a 25 per cent increase in submissions and an average turnaround time of 48 hours after a strategic investment in technology.
Following two mergers with UniBank and Firefighters Mutual Bank, and a partnership with mortgage tech provider NextGen.Net, Teachers Mutual Bank has posted a 25 per cent increase in monthly submissions and an average turnaround time of 48 hours.
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National manager of third-party distribution Mark Middleton highlighted that the bank’s turnaround time has been assisted by implementing NextGen.Net’s ApplyOnline technology.
“Even with that 25 per cent increase in submissions, the average turnaround is only 48 hours because behind the scenes our system and resources are set up to cope well with the added demand,” Mr Middleton explained.
“Fortunately we thought long term and invested in our system and took on more of NextGen.Net’s offer, extending it from the initial electronic lodgement component to the ‘Workflow’ module.
“This takes the application from initial lodgement to our credit assessors, who no longer have to manually enter a swag of information into our loan submission system in order to assess the deal,” he said.
[Related: Tech upgrade to deliver ‘real time saver’ to brokers]
