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The major bank and tech platform are partnering to develop a new digital solution for commercial brokers.
Cito+ (CitoPlus) has revealed that it will partner with National Australia Bank (NAB) to develop a digital solution that will allow brokers to submit digital applications directly through the tech platform.
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CitoPlus is a digital platform that was designed to support commercial brokers by streamlining commercial lending administration processes.
The pilot of the new solution – effective 24 April – is to be fully digital, thereby removing extra forms (including loan application forms and customer asset and liability forms) and Excel pre-qualification or servicing calculators.
CitoPlus’ new solution for NAB would therefore allow all documents associated with a commercial loan application to be shared digitally.
The tech company said that it was currently testing digital loan submissions directly from the platform and is to roll out the feature “as soon as it’s ready”, with no specific date provided.
The company said that the new digital solution would deliver a “smoother” experience for brokers and “faster wins” for small- to medium-sized enterprises (SMEs).
Chris Thomas, executive – NAB commercial broker and equipment finance sales, said that the partnership with CitoPlus would support brokers to produce the best outcomes for their SME clients.
He commented: “Brokers are trusted advisers to a growing number of SME businesses, and their role in commercial lending is only increasing.
“Working with CitoPlus to reduce friction points will help brokers get the best outcomes for their clients as they work with NAB for their borrowing needs.
“The opportunity is setting the new benchmark for experience and efficiency, thus helping more SMEs get faster access to the funding they need to grow.”
Graham Strain, co-founder of CitoPlus, said that digital applications and innovation were “the future of commercial broking”.
Speaking on the partnership with NAB, Strain commented: “Working with NAB, a market leader in SME lending in Australia, is an exciting milestone for Citoplus.
“This partnership is a great endorsement of how our unique digital platform can help brokers and their clients, by making tailored SME loan solutions easy to source.”
The former chief executive of aggregation group FAST, Brendan Wright, joined the board of CitoPlus last year after the company also announced its first lender integration with business lender TP24.
NAB recently announced executive appointment changes as Rachel Slade is to step into the role of group executive business and private banking later this month. Simultaneously, her previous role as group executive personal banking is to be taken up by Ana Marinkovic.
[Related: NAB announces executive team changes]
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