Non-major bank targeting faster approvals, speed to yes with Simpology-built platform
The non major designed the AMP Bank Lender Platform in partnership with brokers in order to improve speed and simplicity in lodging loans.
MPA caught a sneak peak of the new platform during a seminar at AMP Bank’s Sydney headquarters in July.
Built with help from fintech partners Simpology, Fortiro, Equifax and Cotality (formerly CoreLogic), AMP Bank aims to completely overhaul the home loan application process with the launch of the new platform.
Jasmine Alexander (pictured, left), a broker at Prosperity Mortgage Partners who participated in the pilot, gave a glowing review of her experience.
“I’ve just had my first submission through the new platform and the outcome for my clients has been nothing short of extraordinary – we were able to refinance their existing lending and secure finance for a new purchase within just one business day,” she said.
“That kind of speed is virtually unheard of. I’m incredibly grateful to my AMP Bank BDM (business development manager) and the broader AMP Bank team for pushing the boundaries with this new platform and making it happen,” added Alexander.
Melissa Christy (pictured, centre), head of lending origination at AMP Bank, saw the onboarding milestone as an industry step-change.
“Brokers told us they wanted a platform that cuts turnaround times, reduces duplication and frees them up to focus on their customers and their business – we were determined to give it to them,” said Christy.
She added: “Every feature is designed to help them deliver a faster, more consistent lending experience – from upfront income and expense verification to loan documents issued in as little as 90 seconds. We’re excited to see our broker partners start using it.”
Michael Christofides (pictured, right), director of lending and everyday banking, reinforced the bank’s commitment to brokers, saying: “Our goal is to make it as easy as possible for brokers to help their customers create wealth through property, when selecting AMP Bank.”
Key features of the platform include upfront digital verification; real-time credit decisioning; streamlined application process; faster approvals and settlements; and personalised customer videos.
