Small lenders can benefit hugely from tech-based solution, according to one of Australia’s leading fintechs.
NextGen.net, who provide tech assistance to aggregators, lenders and other players in the finance sector, cited Australian Military Bank (AMB) as a prime example of how tech could increased competitiveness and productivity.
“Australian Military Bank’s uplift of technology through NextGen enables them to compete and have all the efficiencies and tools that brokers need to seamlessly write a home loan,” said NextGen.Net Customer Account Manager, Steven Hudson.
“I get a great deal of satisfaction providing ‘plug and play’ access to tools for AMB. They have quality products, and our technology enables them to scale and compete at the efficiency level of the big banks.”
One of the key product areas for growth is through ApplyOnline, a NextGen.net product that allows brokers to upload documents seamlessly. It was this product that was taken on with gusto by Finsure, as reported in Australian Broker, and and resulted in them halving their processing time.
Back in 2015, when AMB first began engaging with the broker channel, they were entirely manual and suffered from the commensurately slow turnaround times and heavy amounts of documentations that plague many parts of the sector to this day.
Now, they have undergone full digital transformation and can thus can home loan paperwork can largely be completed online.
As the ApplyOnline software addition is able to scale rapidly, it can be vital in times when business is strong, as AMB experienced during a period of rapid growth in mid-2020. The ongoing property boom has seen turnaround times blow out, but scalable tech can go a long way to solving this problem.
“ApplyOnline integrates seamlessly into our core system; and in reality, we’re now providing a one-stop shop for pretty much all the applicant’s details,” said Australian Military Bank’s Head of Broker Channel, Anup Munankarmi. “The addition of the Compliance tab and Supporting Docs has seen a drastic reduction in the amount of rework on applications.”