AMP Bank is transforming its loan origination capabilities for brokers, using the Simpology platform to digitise aspects of the application and assessment process, and improve broker experience.
Sean O’Malley,Melissa Christy (AMP) and Kate Cubbins (Simpology)
The bank is set to pilot the new loan platform in October with one or more “aggregators” in an effort to speed up decisions and automate several stages of the process.
The platform is intended to be launched into production by May 2025.
Speaking to iTnews, AMP Bank group executive Sean O’Malley called the platform “a breakthrough experience”.
“Our previous process was neither broken nor not delivering, but we saw this as an opportunity to take a really large step forward,” he said.
AMP Bank’s new loan process will include automated digital identification, a capability it began developing with facial recognition technology from NextGen.
It also will include upfront verification of credit data prior to submission and feedback on application data, which the bank said will “allow real-time decisions” – or, at minimum, “fast-track ‘time-to-yes’.”
In a move to improve process transparency, brokers will have secure access to the platform via any device, allowing them to view information requests and live status updates.
“This addresses a common pain point felt by brokers in not having a clear view of an application’s progress once submitted, giving brokers certainty, and putting them back in control throughout the application journey,” AMP said.
AMP’s head of lending origination Melissa Christy said the process change will now bring the broker “much closer” to the customer’s application.
“It wasn’t just about improving our time-to-decision, but it’s also about being transparent with the broker about where the application is at,” she said.
“We wanted to be more efficient and be able to verify the data upfront after a loan is submitted.
“We will tell [the broker] where the application is at. They will be able to see whether it has moved to an assessor or another credit team. They will be able to see every stage of the journey.”
From an automation perspective, Christy said the platform will improve the time to process a loan.
“[This means] a broker can then move onto their next deal,” she said.
“The customer gets their outcome sooner, and it makes it efficient for our back-office team to streamline some of the more manual processes.”
O’Malley added that the Simpology platform launch “builds on [the bank’s] digitisation story”.
This so far has included launching a digital mortgage offering for retail customers in partnership with Australian fintech company Nano.
At the end of last year, AMP completed a large-scale “technology refresh program” that saw it shift applications and workloads onto new infrastructure managed by DXC Technology.
It also launched a digital bank division designed for small businesses and sole traders, underpinned by software-as-a-service banking platform ‘Engine by Starling’.
“[This is] a continuation of investment in leveraging technology to deliver a better customer experience and broker experience,” O’Malley said.