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Pepper Money is the latest lender to roll out the NextGenID service within ApplyOnline from technology provider NextGen.
The new digital verification of identity (VOI) service has been launched to Pepper Money’s Australian network of accredited brokers this month. The NextGenID tool offers real-time ID capture and fraud assessment as part of the ApplyOnline application.
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This service allows brokers with quick ID verification at point of sale and aims to streamline the onboarding experience for customers.
It will also allow brokers to request and capture identity requirements via the ApplyOnline mortgage application process, with verifications being fully automated through the utilisation of optical character recognition and biometric technology.
General manager, mortgages and commercial lending at Pepper Money, Barry Saoud, said: “As one of the first lenders to adopt NextGenID and pioneer this new VOI capability within ApplyOnline, we’re continuing to invest in market-leading technology that ensures every customer and broker interaction with Pepper Money is as effortless as possible.”
Mr Saoud stated that Pepper Money is now the first non-bank lender that can offer this service.
“This is a big win for brokers and Pepper Money customers,” Mr Saoud said.
“Our scalable technology solutions continue to differentiate us and support our ongoing ability to grow efficiently whilst maintaining our industry leading turnaround times.
“Our ultimate goal is to remove even more documentation from the application process and enable greater efficiencies for brokers and customers.
“The reduced time taken on verification speeds up approval times and enables better experiences, empowers brokers to improve application quality, and boost straight-through processing.”
Head of lender partnerships at NextGen, Mike Ponsonby, stated the non-bank lender’s continued investment in enhancing their technology capabilities is a “testament to their commitment to empower brokers and deliver a truly innovative broker experience”.
“Being an early adopter of NextGenID speaks to Pepper Money’s drive to offer flexibility and fast turnaround times,” Mr Ponsonby said.
“[B]y streamlining and automating ID capture and verification, Pepper Money is eliminating a key pain point in the application process that impacts brokers, lenders, and customers.
“NextGenID eliminates the need for manual intervention or missing information requests when it comes to applicant identity requirements, ultimately cutting processing times and costs.”
Pepper Money recently changed its commercial lending structure as it bid farewell to its inaugural head of commercial, Mal Withers.
[RELATED: Pepper Money restructures commercial lending team]
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