Non-banks rediscover their mojo

by BN07 Sep 2012

In stark contradiction to the prevailing flat growth trend, a number of non-bank lenders are recording sizeable rises in distribution and the NextGen.Net ApplyOnline Application Centre, a workflow management tool, is being heralded as a vital ingredient in the mix.

“Over the last 12-months, we’ve seen our business volumes double,” says David Holmes Chief Operating Officer, Pepper Homeloans.

“The increase corresponds with an enhancement to our ApplyOnline system and it’s more than paid off.

“Naturally it’s also about our people and products; but today, unless you have good technology, you don’t get results.”

“Pepper Homeloans can now electronically interface with the major mortgage aggregators. For us, this is one of the most important features of our ApplyOnline Application Centre. Other important features of the platform include its ability to allow brokers to clone information from one lender’s system to another and the fact that the system itself is the first decision-making filter. In summary it’s efficient and effective for everyone,” Holmes says.

Paul O’Donnell General Manager, AFG Home Loans, relates a similar story of substantial growth and again credits ApplyOnline.

“In the past 12-months we have experienced a 35 percent increase in settlements, with the immediate past quarter showing a 75 percent increase on the corresponding period last year,” O’Donnell says.

“Based on these numbers and our forecasts, we are budgeting on an uplift of around 60 percent in 2013.

“Our business has never done this level of volume, even pre-GFC.”

O’Donnell emphasises that these statistics reflect more than just the system. He refers to a doubling of credit team numbers along with an increase in post-settlement team numbers, plus a revamping of existing products and an introduction of new ones.
“We’ve made a number of changes in our business and we needed the ApplyOnline system to enable us to make them,” he says.

NextGen.Net Sales Director, Tony Carn says these announcements are consistent with what he has heard from other banks and non-banks.

“The underpinning platform of the processing system plays a significant role,” says Carn.

“One of the key functionalities of an ApplyOnline Application Centre is ‘scaleability’, the ability to increase volumes without incrementally throwing additional head count at the issue”.

“An important building block of ApplyOnline Application Centre is ‘white labelling’ which provides key functionality to replicate electronic lodgement capacity across a broad range of brands. This allows business partners to deploy their own brand of products to market quickly and efficiently. So a range of parties can leverage off the technology platform.”

Both Holmes and O’Donnell reference the significance of the ability of their ApplyOnline Application Centre to support white labelling, with O’Donnell noting:

“We worked with NextGen.Net to make changes to our technology and workflow, and within three months we were able to bring a concept to fruition and introduce our first labelled product.”
Holmes refers to the ApplyOnline workflow module as logical, proactive and flexible.

“Pepper is a specialist lender and requires a complex decision tool. We worked closely with NextGen.Net to build a workflow to suit our needs,” he says.

“The ApplyOnline system adopts a modular approach so it’s easily configured to suit specific requirements,” explains Carn.

“A critical point to note is that configuring and deploying takes place in a relatively small time frame.”

Powered by NextGen.Net, ApplyOnline is the premier electronic lodgement system in Australia.