Loan Avenue co-founder Michelle Collins admits “bracing” herself prior to the Adelaide-based mortgage manager’s move to electronic lodgement.
The fact that industry archives are littered with horror stories of messy, unprofessional e-lodgement set-ups didn’t help matters.Collins now laughs at her trepidation, which she says was unfounded due to the expertise of the NextGen.Net team that oversaw the installation of the ApplyOnlinesystem.
“The role of our Project and Analysis Team is to transition a high-level strategic plan into a hands-on processing system; and during the procedure create a stress-free, supportive environment for our clients,” says NextGen.Net Sales Director, Tony Carn.“It couldn’t have been smoother,” exclaims Collins.“I was led to believe integration was cumbersome, but thanks to the team at NextGen.Net the whole process couldn’t have been better executed.”
ApplyOnlineis a critical part of Loan Avenue’s distribution strategy. Loan Avenue launched ApplyOnlinein March and is already receiving 50% of its business via electronic lodgement. Collins says she would have been satisfied with 30%.
“The fact that it’s higher than we anticipated is fantastic,” she says. “It’s opened up the way for us to build relationships with new brokers who prefer to lodge only electronically.”
“NextGen.Net has provided Loan Avenue with a sophisticated technology platform that gives brokers a range of advanced tools that allow them to lodge applications more efficiently and accurately,” says Carn.
“Users can now lodge applications online from their broker group software platform; or alternatively, they can also lodge directly to Loan Avenue if they choose.
“Ultimately those who don’t lodge online will be hurting themselves,” he says. One of Collins’ key drivers was reduction of duplication of effort. Simplifying the process so the end user is not duplicating information by rekeying it into a separate system is one of NextGen.Net’s core principles.
“Our aim is to reduce work and duplication of effort,” says Carn. “That’s why our systems are designed to drag information across brokers’ CRM systems so they don’t have to rekey data.
“ApplyOnlinedelivers high quality information across the board. Our goal is that we want all applications coming through ApplyOnlineto settle.”Ease of use was another crucial factor for Collins. She says ApplyOnline’sintuitive technology has received positive feedback from introducers, many of whom have hailed its user-friendly operating system. “We’ve been able to halve the size of our application form,” she declares.
Shifting to electronic lodgement had been on Collins’ radar for a while before Loan Avenue made the commitment. The realisation that those not enhancing their processes, procedures and value proposition in the marketplace would be left behind is what prompted the move.
“The reason Loan Avenue chose to partner with NextGen.Net was because their systems are the most recognised and fully integrated from an aggregator platform perspective. Others are only semi-integrated,” she says.“So it was an easy decision for us to choose NextGen.Net and it’s great to be one of the first mortgage managers participating in this space.”
Developed by NextGen.Net, ApplyOnline® is the premier electronic lodgement system in Australia.