NAB has announced two new digital platforms to help brokers lending to small businesses.
The first, NAB QuickBiz for Broker, enables brokers to apply digitally on behalf of their small business clients, for unsecured business finance of up to $100,000.
This can be either in the form of a business loan, to help with short-term funding needs, or an overdraft, which gives small business clients the flexibility to manage their cash flow and unexpected payments. On application, brokers receive an instant online decision and their small business clients can access funds within one business day once signed documents are returned.
NAB also unveiled ApplyOnline, which will allow brokers to lodge small business loans, a tool which should help streamline the application process, as well as reduce duplicate information and administrative work.
This capability enables brokers to lodge both small business and residential loans online together, making the process simpler, faster and more consistent.
Aggregators like AFG, Connective, Mortgage Choice and Finsure have already rolled the services out to their brokers. It is hoped it will be fully rolled out by the end of the month.
General manager of NAB, commercial broker, Chris Thomas, said, "NAB is continuously investing in smart technology and we remain focused on supporting brokers to deliver good outcomes for their customers in a simple, streamlined and supported way.
"Our research shows that around a quarter of a broker's residential customers are also business owners. With the new ApplyOnline capability, we're enabling brokers to extend customer conversations and meet a broader range of customer financing needs."
Speaking at the launch of the products, NAB general manager, broker distribution, Steve Kane said, "We recognise the value that the broking channel provides to the community. Because of the times brokers are going to have to do different things. It's going to be important for them to be looking at what they can do to broaden their business.
"We are very focused on delivering for the broker channel. The productivity commission and the royal commission are reviewing it and we've been very transparent supporting them. We really focus on ensuring we deliver the best we can for the broker channel."
Startup 'bank' aims to be lending alternative
Brokers look to smaller lenders for loans