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BankVic has announced it has introduced NextGen’s ApplyOnline platform for retail and broker-lodged mortgage applications to “make applying for home loans easier, reduce the time it takes for loans to be approved and improve the bank’s processing and decisioning capacity”.
The new partnership aims to streamline its lending process and help it process an increasing number of home loans more efficiently.
The mutual bank will utilise all of ApplyOnline’s inbuilt tools from point of sale including the digital verification of identity service, ‘NextGenID’, and the Access Seeker Credit Report service. It will also partner with NextGen to support its open banking needs.
Speaking of the partnership, BankVic chief executive Anthony De Fazio said: “The NextGen solution will enable BankVic to streamline and improve lending processes, providing members with a straightforward home loan journey.
“By automating and digitising our processes, this partnership will transform BankVic’s home lending process and reduce time to approval. This will also provide more options across the market to access BankVic’s home loan offers – a better experience for members, our people and brokers.
“It’s part of our strategic transformation across all parts of BankVic’s lending business. Technology is key to delivering straightforward and streamlined experiences for our members. And we’re passionate about the potential that technology and our teams have to deliver valuable services to our members and their communities.”
The CEO said that the new tech could also help BankVic expand its footprint in the broker market by delivering a more streamlined experience for brokers.
NextGen’s head of lender partnerships Mike Ponsonby welcomed the partnership, noting that it currently has relationships with “more than 60 lenders in Australia, as well as broker group partnerships”.
“It’s a very exciting time for mutual banks who really want to transform their capabilities that they offer their customers and the processes they have,” Mr Ponsonby continued.
“BankVic will be well-placed for open banking enablement in 2023. They really wanted to future-proof the business, to modernise and rethink the way they do things, and make their processes best from a technology point of view, rather than get technology to fit old processes.
“NextGen and BankVic are both very innovative in our approach to developing solutions, and this is a great foundation for a really strong partnership.”