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The loan origination and processing platform’s functionality has been expanded to a broader range of financial products.
Australian technology services provider NextGen has announced the expansion of ApplyOnline, its flagship loan origination and processing platform, to personal loans and credit cards.
The expansion broadens ApplyOnline’s functionality beyond home loans and commercial lending and will reportedly be available for all lenders for first-party channels such as in-branch, mobile lending, and call centres, irrespective of whether the lender already uses ApplyOnline.
However, this expansion is also for lenders to make available for brokers through third-party channels should they so wish.
According to NextGen, the expanded ApplyOnline platform will support various personal loan purposes, including vehicle purchases, home improvements, travel, education fees, and debt consolidation.
The platform will also boast a dynamic risk assessment capability to let lenders evaluate applications for different product types and risk profiles.
Key features of ApplyOnline’s expanded platform include:
- Fully functional and tailored electronic submission for personal loan and credit card applications.
- Integration with Glass’s Guide for vehicle loans, providing comprehensive pricing and specification details.
- Advanced data validation and document generation capabilities.
- Detailed metrics and policy management tools.
- Support for unsecured, secured, and partially secured personal loan applications.
Tony Carn, NextGen chief customer officer, said the expansion represented a significant milestone on the fintech’s path towards providing more seamless application experiences for lender customers.
“The launch of personal loan and credit card applications within ApplyOnline marks a significant milestone in our mission to streamline lending processes across all financial products,” Carn said.
“By leveraging our robust decision engine and integrating industry-leading tools like Glass’s Guide, we’re empowering lenders to make better-informed decisions and offer a seamless application experience to their customers.”
Reflecting on the fact that lenders can also turn this on for brokers if they want to, he told The Adviser: “It makes ApplyOnline the best way for lenders to reach and engage with brokers who are looking to diversify into commercial and personal lending.”
Longstanding NextGen partner Beyond Bank Australia will reportedly be the first lender to implement ApplyOnline’s new capabilities.
Nick May, Beyond Bank’s chief customer officer, said the enhanced functionality will enhance the customer-owned lender’s ability to provide seamless services across a broader range of products.
“NextGen has been an essential partner in streamlining our home loan lending from end to end across all channels,” May said.
“With the introduction of personal loans and credit cards on the ApplyOnline platform, we’re thrilled to extend this seamless experience to a broader range of financial products for our customers.
“This capability further enhances our ability to provide efficient, customer-focused service across all our lending channels, helping us meet the diverse needs of our customers.”
[Related: Westpac enables open banking for brokers]
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