Bendigo and Adelaide Bank has transformed and streamlined its loan processing systems to support its growing broker channel.
The bank partnered with digital banking solution provider Sandstone Technology to find a solution which would support the growth of its lending business, better serve its mortgage origination partners and improve its customer experience.
Bendigo and Adelaide Bank said indicative approvals had doubled since it implemented indicative decisions. Manual review of automated declined applications was at 10% compared to 100% pre-implementation and variation applications were up 27% compared with the same period in 2021.
The bank said with the help of Sandstone Technology, it had achieved quicker loan processing through Sandstone’s loan origination platform LendFast which is integrated with the bank’s lending ecosystem.
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The partnership sought a way to further simplify the broker experience to allow a more automated capability to submit loan increases and product conversions in addition to new business.
Simultaneously, brokers will also receive more value-adding information from the bank via enhanced back-channel messages in real-time at the point of submission.
Bendigo and Adelaide Bank said brokers would enjoy fewer touch points, a significant reduction in rework and an improved experience which aligned to some of the critical success factors within the current transformation program.
Darren Kasehagen (pictured above left), general manager of third-party banking at Bendigo and Adelaide Bank, said the collaboration with Sandstone Technology had been successful.
“We strive every day to be a better bank, not just for our valued customers but also for our brokers,” Kasehagen said.
“With legacy lending systems and a growing broker channel, we identified the need to transform our loan processing systems to better support the growth of the bank’s lending business, better serve our broker channel and improve the overall customer experience.”
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Kasehagen said the bank was trying to make it as easy as possible for its brokers and customers to work with the organisation.
“This digital transformation is making that job a lot easier,” he said.
“Our collaboration has helped us streamline our loan applications, improve turn-around times and increase our loan approvals.”
Sandstone Technology executive general manager, origination AI & ML Poli Konstantinidis (pictured above right) agreed with Kasehagen.
“Lending today is not just the end-to-end journey from origination to settlement,” Konstantinidis said.
“It now requires the appropriate balance of an engaging user experience across all channels, with speed to value and responsible lending for the bank. This subsequently enables the bank to differentiate itself from its competitors.”