Digital platform adoption accelerates application processing
Bendigo Bank’s digital lending platform has processed over $10 billion in loan applications, marking a key development in the bank’s digital transformation efforts.
The Bendigo Lending Platform, introduced to mortgage brokers two years ago and now expanding to the bank’s retail branches, is designed to simplify the mortgage process and accelerate decision times for customers.
“This achievement demonstrates Bendigo Bank’s commitment to making life easier for our 2.9 million customers with digital,” said Richard Fennell, chief executive at Bendigo Bank. “We are proud of the Bendigo Lending Platform which ensures our partners, people and home loan customers enjoy a seamless and efficient home lending experience.”
The platform’s initial rollout to broker partners has now extended to branches nationwide. According to the bank, this expansion aims to help more customers secure home loans while also reducing wait times in branches.
“Our lenders are reporting that the experience has improved significantly for our customers with conditional approval being achieved in an average of five minutes from application submission,” said Fennell. “Our customers and partners are looking for an efficient digital experience that saves them time and provides fast clear outcomes. The Bendigo Lending Platform delivers this and will support us as we execute on our 2030 strategy.”
The bank has previously introduced initiatives such as the Community Bank model, green loans, and digital mortgage offerings, as well as launching Up, a mobile-only digital bank.
In August, Bendigo Bank announced that residential lending rose by 7.6% to reach $66.6 billion for the 2024 financial year. The majority of this growth was driven by owner-occupier mortgages, while there was also a modest increase in lending to investors.
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
