Heritage Bank has teamed up with global information services firm Experian to launch a new credit decisioning platform that will significantly speed up loan processing times.
In a statement, the bank said that the online tool will allow it to cut the average assessment time for standard home and personal loan applications from “about five business days to roughly one business day” through auto-approvals for eligible loans.
The platform will also enable borrowers to submit loan applications and supporting documents online for faster processing.
Heritage Bank and Experian will work closely over the next 12 months to roll out the platform. During the first phase of implementation, the bank said applicants will be able to get information on their borrowing capacity in as little as 10 minutes.
Peter Lock, chief executive officer of Heritage Bank, said he was “thrilled” to implement the new platform “as it will streamline our loan process and make it quicker and easier for everyone.”
“It will be much less cumbersome to load the application in the first place, and the assessment will also be much more efficient, so we can get loans approved much more quickly,” he said.
Mathew Demetriou, general manager of decisioning and analytics at Experian, said the tool was essential for businesses “as they transform their loan services to meet the evolving needs of their customers.”
“Today, competition is high and customer experience is pivotal,” he said. “Combining our data, technology, and consultancy to provide a platform for Heritage helps transform their business to meet customer demand safely and at speed.”
“The phased approach of this significant transformation reflects Heritage’s commitment to their customers, brokers and staff, enabling strong adoption for the highly efficient loan platform.”