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Brokers will soon be able to submit a digital loan application for business customers to Westpac, as a result of a new partnership.
Westpac has partnered with Australian tech platform CitoPlus to enable brokers to submit a digital loan application for business customers from next month.
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From October, brokers will be able to submit applications and documents for Westpac business lending products via the digital platform and be able to track the progress of a deal digitally.
According to Westpac, the portal will deliver a faster and easier experience for brokers, helping to achieve the best outcome for their SME and commercial customers.
Speaking of the new partnership, Shane Howell, Westpac’s general manager for commercial banking, said: “Our partnership with CitoPlus is about making it easier for customers, with faster access to finance, less back and forth and only asking the questions that matter.
“At the other end of the digital experience will be Westpac industry and SME third-party specialist bankers. Customers will be partnered with expert bankers to suit their needs, whether they’re in healthcare, professional services, property development or agribusiness or if they’re looking for specialised lending or equipment finance.
“Our specialist bankers are the magic ingredient and our partnership with CitoPlus will deliver brokers a seamless experience so they can get the best outcome for their clients.”
Graham Strain, co-founder of CitoPlus, said: “We are delighted to partner with Westpac to digitise SME loan applications via the broker channel.
“A combination of human judgement and digitisation is the future of SME lending, and 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.”
The major bank has been quickly growing its commercial finance offering and saw its business lending increase by 9 per cent over the year to March 2024, driven by the commercial property and agribusiness sectors.
Its incoming CEO Anthony Miller also has extensive business banking experience, including in his current role as CEO of Westpac’s business and wealth division. Miller will take on the role of Westpac CEO and managing director on 16 December 2024, when the current CEO Peter King retires after a 30-year career at the bank.
Other major lenders have also been ramping up their commercial offerings for brokers recently.
National Australia Bank (NAB) also recently launched a pilot of a digital solution with CitoPlus that will allow brokers to submit digital applications directly through the tech platform and has expanded its commercial leadership team.
[Related: Westpac announces new CEO]
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