Login
ISCOVER
A broker pilot of the non-major bank’s new origination solution will take place in the second quarter of the year, the bank has confirmed.
AMP Bank has announced that it will run a broker pilot of its new end-to-end loan application solution, developed in partnership with Simpology and MSA National, in the second quarter of this year.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
The solution works alongside technology from other leading software providers, including Fortiro, Equifax, illion, CoreLogic and IDVerse, to fast-track time to loan approval and improve fraud detection.
It provides greater efficiencies by streamlining the lodgement process, including by:
-
Running upfront income verification using Equifax Verification Exchange, CoreLogic’s Rental Automated Valuation Model, and sharing illion BankStatements data.
-
Pre-populating income data into the loan application via Fortiro’s technology.
-
Streamlining digital ID processing (by either reusing a previously completed IDVerse VOI report or initiating the process in Loanapp).
-
Giving brokers real-time decisioning and live status updates.
-
Issuing loan documents in 90 seconds via DocuSign.
The bank has been trialling the new platform in-house over the past few months and has already seen its first applications successfully submitted and approved.
A broker pilot will launch in the second quarter of the year, with the full rollout coming later in 2025.
Speaking of the upcoming broker pilot, Michael Christofides, AMP Bank’s director of lending & everyday banking, said: “This new solution will be a game changer for brokers and their clients, reflecting AMP Bank’s focus on partnering with the industry’s leading tech specialists to provide the best possible borrowing experience.
“It also reflects our commitment to brokers, who we believe are vitally important to helping Australian consumers access the best possible loans.”
Melissa Christy, AMP Bank’s head of lending origination, said that the brokers have been central to the new solution’s development.
“We believe it was important to involve brokers in the process given our commitment to develop a market-leading loan application experience which best supports their businesses and clients,” she said.
“Brokers have told us that the ability to securely verify their client’s income pre-loan submission, together with other features such as simplified ID verification, create significant efficiencies for their businesses and support a better client experience. Our new solution includes all of these features, and more.”
[Related: AMP Bank to ‘transform’ settlement process]
JOIN THE DISCUSSION