AMP Bank implements new verification and valuation technologies to streamline lending
AMP Bank has released its next series of technology enhancements as it continues to digitise and automate the lending experience for brokers, advisers, and customers.
Central to the enhancements is the implementation of NextGen’s verification identity (VOI) capability, ‘NextGenID’, and the ‘Broker-Ordered Valuations’ service which further streamline the home loan origination process.
Verification of identity (VOI)
The new VOI electronic tool eliminates the tasks of entering and uploading identification details, saving brokers and advisers time, and supporting faster turnaround. The VOI capability is directly embedded within ApplyOnline and uses leading biometric technology, leveraging facial and optical recognition.
The technology means customers are able to complete a guided verification process in two minutes on their mobile, without the need to authenticate and submit ID documents.
Broker-Ordered Valuations
AMP Bank has also introduced the Broker-Ordered Valuations service from NextGen, giving brokers the ability to order or retrieve an upfront valuation report within ApplyOnline, in addition to CoreLogic’s Property Hub, before applying for a home loan on behalf of customers.
The valuation service enables brokers to request, manage and track existing clients’ applications and valuations within the same portal. The service provides comprehensive property information for brokers and allows for faster valuation turnaround times, which combined with VOI and ongoing system enhancements, enables AMP Bank to significantly improve the ‘time to yes’ decision.
These technology enhancements follow AMP Bank’s recent announcement that it is developing a digital mortgage for retail direct customers, leveraging FinTech Nano’s lending platform capable of providing unconditional approval for a home loan within minutes.
This follows the launch earlier this year of electronic signatures with ApplyOnline ‘eSign’ for loan applications and the ApplyOnline ‘Access Seeker’ credit report service which provides visibility of customer liabilities upfront.
Sean O’Malley, AMP Bank Group Executive said, “Brokers are critical in connecting us with home buyers, and so we are committed to providing leading tools and enhancements to help make it easy for brokers and advisers to work with AMP Bank.
“Our focus is ensuring AMP Bank continues to deliver fast and consistent service to support customers to put their best foot forward in the property market. The latest VOI and property valuation technologies streamline the process of applying for a home loan, saving brokers time, and reducing ‘time to yes’ for customers.
“AMP Bank’s ongoing strategic investments in digital enable us to further simplify and improve the lending experience, supported by people, process and technology enhancements.
“Investment in digital capabilities is a key enabler of AMP Bank’s strategy to grow its share of the home loan market as a tech-enabled challenger bank.”
Mike Ponsonby, Head of Customer Accounts, NextGen, said, “The NextGenID tool streamlines the identification process for all users, providing a faster time-to-yes while protecting the privacy of the applicant. It eliminates the need for manual intervention or missing information requests when it comes to applicant identity requirements, cutting processing times and costs.
“AMP Bank has done a tremendous amount of work to support brokers, and this is evident through its investment in technology. They’re focused on delivering smarter, more efficient digital experiences for brokers and their customers.”
