Beyond Bank has completed integration of an end-to-end platform aimed at improving the home loan application experience for brokers and borrowers.
The mutual bank, which has been working through a digital customer service upgrade program for several years, said it achieved the development across all channels, boosting efficiency, automation, and the application process.
It means all Beyond Bank mortgages are now lodged and processed through the NextGen ApplyOnline platform, creating faster loan approvals.
Prior to this, Beyond Bank used the service only for broker loan lodgement.
The finished project means all loans from brokers, in-branch or their customer contact centre, will be lodged and processed through the same ApplyOnline platform.
Under the bank’s customer experience upgrade plans, it also recently started looking into rolling out an AI-driven chatbot and voice biometrics to improve the identification and verification experience.
Beyond Bank partnered with NextGen back in June last year to undertake the work and implement the ApplyOnline platform.
The platform means faster digital home loan applications for mortgage brokers, including the use the ‘eSign’ capability and digital verification tool NextGenID.
Beyond Bank will also use ApplyOnline’s credit decision engine across all channels, further expediting the assessment and approval process.
The bank’s general manager of customer experience Nick May said the collaboration “has allowed us to take a significant step forward in modernising our operations”.
“The new ApplyOnline platform, now fully integrated with our systems, offers an unparalleled home loan application experience for our brokers and borrowers,” May said.
It’s expected the next steps of the bank’s project will see it adopt ApplyOnline for personal loans and credit cards, followed by commercial lending and post-settlement variations.
May told iTnews “the transformation of our lending platform is far from complete.”
“Phases two and three of the project include converting personal and business loans to the new ApplyOnline system.
“In addition, we are already discussing with NextGen their roadmap and future integration points.”
Another mutual bank, BankVic, underwent a similar process earlier this year, when it digitised and automated its home loan process to create a better experience for customers using NextGen’s ApplyOnline platform.
AMP Bank has also employed the same platform for its own digital home loan transformation journey including introducing facial recognition technology for verification and e-sign for loan applications.
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