Nailing efficiencies through technology solutions is a key theme in Suncorp Bank
’s strategy for maximising growth in this current low-growth climate.
Leading technology service provider NextGen.Net is playing a primary role in the scenario.
Suncorp has been receiving its electronic lodgements on the NextGen.Net processing system, ApplyOnline, for several years and is in the process of moving to direct lodgement through ApplyOnline+ through its business partners’ (brokers’) portal.
“The upgraded version of the software will allow us to work at a more refined level with our brokers around data quality. It’s a great tool that we can give our brokers because it helps educate the conversation,” says Suncorp General Manager - Intermediaries, Steven Heavey
“There’s functionality that enables us to install warning messages at point of sale. So when brokers input information they will be able to validate it against our document requirements and rules around capacity to repay. For example, if they were to load an application for a loan value higher than the loan security it would clearly be shown on the screen that the LVR is greater than a certain percentage and this may be outside the bank’s tolerance.”
This functionality is the ApplyOnlinePolicy Manager, which allows real-time policy and servicing changes and has the capability to flag inconsistencies.
NextGen.Net Sales Executive, Greg Phillips explains: “Rather than lenders having to send policy change requests to NextGen.Net, we’ve given them a ‘policy manager’ tool, which allows lenders to change policy details in real-time.”
The ApplyOnline Policy Manager functions in conjunction with the ApplyOnline Assessment Metrics. Together they empower lenders to effect change management in real-time and allow brokers to benefit from accurate, reliable, up-to-date lender information.
NextGen.Net has built an ApplyOnlineBroker Centre for Suncorp: an environment that will allow brokers to lodge directly to Suncorp.
“In essence, everything NextGen.Net does focuses on managing quality and driving efficiencies at point of sale,” says Phillips.
“We don’t just build a platform to shoot data across from the broker to the lender. We build services that ensure applications and associated data received by lenders via ApplyOnlineis quality information that will result in business that will settle. And now we’re increasing the likelihood of quality credit and policy richness.”
In short, this prevents brokers sending through lodgements that may not fit: Therefore eliminating reworks and producing greater conversion certainty.
“The ultimate measure is the conversion metric,” says Heavey referring to the ApplyOnline+ upgrade as “primarily about getting greater efficiencies for us and our brokers”.
“We use a ‘lodgement-to-settlement ratio’ to measure our efficiency; and when we were looking to expand utilising a greater level of technology at our front end, it was a critical component.
“It will help our conversion metrics. It will also help brokers, because at the point of lodgement they will be very clear on what documents we need in order to make an assessment. In other words, they will know whether the deal services.
“That means we, as an organisation, are more efficient and so too are the brokers. It’s a point of difference, which is good for all of us, ” says Heavey.
Developed by NextGen.Net, ApplyOnline® is the premier electronic lodgement system in Australia.