Regional bank backs digital innovation

by Melanie Mingas24 Jan 2019

A regional bank has adopted a new e-lodgement tool to support its network of 1,700 accredited mortgage brokers.

P&N Bank – WA’s largest, locally owned and managed bank – has partnered with developers Simpology to provide Loanapp, a tool that gives brokers access to the information they need for client meetings and mortgage submissions.

According to a statement from the bank, the partnership with Simpology “forms part of our broader digital transformation strategy”.

Speaking to Australian Broker, P&N Bank head of broker and business development Daniel Woods, said, “Loanapp makes our brokers’ and customers’ lives easier through accessible channels of choice.

“The great thing about Loanapp is that it enables us to upload our policies, rules and other requirements in real time straight away. That’s of benefit to our brokers, who we value, because they are able to get the updates as quickly as possible and give the right service to their clients as a result,” he added.

The adoption is part of P&N Bank’s wider digital strategy, which has seen the institution roll out instant digital cards, an Australian first for on and offline shopping; faster payments, offering near real-time transfers between banks; and card controls, another first for Australia allowing customers to activate and de-activate certain card features to enhance security.

According to the bank, Loanapp will enable the configuration of lending policy, business rules and requirements in real-time, for the benefit of brokers. Loan submissions through Loanapp will be live from 29 January 2019.

“There is nothing more important for brokers than their customers’ satisfaction," said Woods.

“They rely on that in the industry and it enables their customers to return time and again. We need to make sure we have services and platforms in place that make doing business with P&N as easy as possible and ultimately the experience the customer gets, too. As far as our broker team is concerned this is the smartest banking digitally that we can offer,” he continued.

“That’s something that P&N is very proud of and we will be further investing in future. We see Loanapp as part of our strategic digital journey and anything that is going to add to the service our brokers, customers and members experience, is a positive thing,” he added.