Non-major to roll out new banking platform

The bank announced the change at its yearly financial briefing, bringing a more cohesive platform for brokers and consumers

Non-major to roll out new banking platform

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Non-major bank Suncorp has announced the creation and implementation of a new banking platform to enhance the experience for brokers and customers.

At the firm’s full year results presentation yesterday (3 August), CEO and managing director Michael Cameron talked about Suncorp being the first company globally to roll out and operate Oracle’s end-to-end loan origination, servicing and collections system.

The move towards a “single digital experience” would assist brokers who are normally focused on one type of product with the aim at merely shopping around for the best deal, he said.

“By providing the market with capabilities not only to ourselves but to our intermediaries and our partners, we are actually able to put them into a position where they can provide a broader range of products and services for different brands and very much complimentary types of services that will allow customers to access more of a journey of buying a home rather than simply getting a loan.”

People don’t wake up one day wanting to get a home loan, Cameron said. Rather, they wake up wanting to buy a home.

“What we are going to be doing is putting in the hands of our intermediaries the skills, capabilities and more importantly the platform to be able to broaden that service that they provide to their ultimate customer.”

Suncorp has already commenced rolling out the new banking platform to its broker network. Progress will be completed on an on-going basis to gradually add access to more products and services, Cameron said.

In its banking arm, Suncorp grew its total housing loans by 1.3% to $44.8bn (including securitised housing loans and covered bonds) in the 12 months prior to June 2017. Sixty-six per cent of these loans came from the third party channel.

The bank implemented a number of initiatives within the home lending portfolio during last financial year, including a review of the existing loan approval process, bringing in risk-based verification for select activities, and increasing customer-led opportunities.

Suncorp’s banking business brought in a net profit after tax of $396m, an increase of 0.8% over the year. This figure was impacted by investment in the core banking platform.

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