A leading non-major bank has launched electronic lodgements for small business loans via the NextGen.Net ApplyOnline platform.
Suncorp Bank’s decision marks a major milestone for commercial loan processing, which according to NextGen.Net’s Tony Carn remains entrenched in a culture that may prove hard to shift.
“A lot of mystique surrounds commercial loans and inherent within that flawed assumption persists that submissions can’t be done electronically,” Mr Carn said.
Suncorp national manager SME and commercial intermediaries, Robynne Frost, said the bank’s decision to implement the electronic solution delivers two key benefits.
“One is for the broker,” she said. “Electronic lodgement delivers a better broker and customer experience through increased efficiency and capability. Before that we had a 39-page manual application, which is consistent with commercial lending."
Mr Frost added that the new service will also streamline back-end processes and deliver faster turnaround times and improve functionality.
The majority of Suncorp’s business transactions are a combination home loan and business loan. Ms Frost said ApplyOnline makes this experience easier for brokers. For example, details only need to be punched in once and can then be cloned.
“The other big leveller is that all our brokers are comfortable with ApplyOnline, so this is another great transition for us in that we can help home loan brokers take those first steps towards a small business transaction working in a familiar system,” she said.
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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