NextGen.Net, the company behind loan lodgement platform ApplyOnline, has launched an Industry Benchmark Reporting offering to lender partners to help them “prioritise and facilitate change, and assess if additional or more advanced digital solutions are required”.
By aggregating and anonymising ApplyOnline data, the tech firm provides graphs and visual comparisons for lender customers to help them understand their positioning in the market.
NextGen.Net customer account executive Mike Ponsonby said the “value-add” for customers offers “lender-service and product-related benchmarks” to help lender partners “gain valuable insights into their loan approval process, and highlighting opportunities for efficiency and customer service enhancements”.
“It essentially highlights what a ‘market-leading’ experience looks like,” he said, adding it aims to help lenders “make educated decisions and determine if they need to lift their game”.
NextGen.Net revealed that Adelaide Bank had sought to increase broker volume market share and had utilised the findings of the reporting service to understand how they could “provide a better broker experience”.
Mr Ponsonby added: “It’s not about sales. But if a benchmark report reveals a shortfall, as was the case with Adelaide Bank, we look at capabilities in ApplyOnline that could potentially be activated, or an automated function that could be added to save time and enhance the broker’s experience.
“Enhancements that address specific operational shortfalls are very powerful and help our lenders transform to drive success,” he said.
[Related: ACCC report: 4 ways to improve mortgages]