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The major has confirmed that accredited brokers from all aggregators can now submit Westpac business loan applications digitally.
Westpac has reportedly become the first major bank to go live with digital applications via the CitoPlus tech platform as part of a broader trend of lenders seeking to digitise commercial loan writing.
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The major bank commenced trials of the tech platform, designed to streamline lending administration, with a select group of aggregators in different regions in October 2024.
After positive feedback, this digital solution has now been made available to accredited brokers from all aggregators.
Westpac’s general manager for commercial broking, Shane Howell, said the bank wanted business owners to “spend less time doing paperwork and more time growing their business”.
“The new digital application process is now live nationally for all brokers, making it easier for customers to apply for business loans and giving them faster access to finance, all with the support of our specialist bankers,” he said.
Brokers can reportedly use the CitoPlus platform to tailor solutions, structure deals, assess serviceability, create credit submissions, and select the bank that receives the application.
They will also receive progress updates on both the application and final settlement.
“Through the pilot, brokers told us it reduced their time spent on manual tasks, simplified the gathering of data and documents required and made it clear what they needed to submit applications with Westpac,” Howell said.
CitoPlus co-founder Graham Strain said on the rollout of the new digital solution: “We are delighted to scale the digitisation of business loan applications via the broker channel with Westpac. This initiative helps make the right tailored solution easy to source.
“Our unique digital platform helps brokers provide great service to their clients and work with the right information, faster. Westpac’s commitment to providing a better experience for everyone involved is something we are excited to help make happen.”
Digitising commercial applications
CitoPlus has also recently partnered with Westpac’s counterparts, Australia and New Zealand Banking Group (ANZ) and National Australia Bank (NAB), on digital commercial lending products.
Set to launch in 2025, ANZ’s partnership will see brokers able to apply for ANZ business lending products through CitoPlus.
Meanwhile, NAB has also announced plans to develop a digital solution that lets brokers submit applications through the tech platform.
Digitisation has been earmarked as one area where lenders can improve the experience for commercial brokers and their clients.
In a recent episode of The Adviser’s Elite Broker podcast, Simplicity Loans and Advisory broker Isabella Constantinou – winner of Commercial Broker of the Year at the inaugural Commercial Finance Awards 2024 – predicted more digitisation from commercial lenders.
“I think [during] the next sort of 12 to 24 months we’ll see a lot of lenders digitise a lot of their processes in the commercial space,” she said.
“It’s not the same as it is in resi. It is very driven by paper, forms and whatnot. And I think the way that technology is going, there needs to be a change for the protection of client data.”
[Related: Another major partners with CitoPlus]
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