Loan Market and NextGen.Net deepen partnership

As the broking industry prepares for the implementation of the best interests duty (BID), the aggregator has updated its MyCRM platform with a deeper integration with NextGen.Net’s ApplyOnline lodgement and processing platform.

Loan Market’s chief operating officer for the MyCRM division, Joanne Church, noted that there had been a “keen spotlight on analysing customers’ expenses and ensuring they don’t go into hardship, and it’s been a really complex process because every lender wants it slightly differently and customers don’t always understand what you’re asking for”.

As such, following broker feedback and in preparation of the new regulatory environment, the group “wanted end-customers to have the ability to declare expenses, ideally using tools upfront via our customer portal, and then have this flow on through to the lender without too many touch points”.

Loan Market has therefore integrated NextGen.Net’s new version of the Standardised Expense Categories into MyCRM to re-map the way expenses are handled in the CRM system.

This enables expenses to be captured from bank statements and services upfront, which flow through to submission via ApplyOnline.

The brokerage has also rolled out a new Goal Setter tool to capture customers’ requirements and objectives during an appointment, which can be saved into the MyCRM platform. This builds on the integration of ApplyOnline’s compliance tab into the MyCRM platform.

“The upcoming BID legislation will place greater emphasis on broker documentation and due diligence processes throughout the customer experience. So, we want to make sure what we have in our MyCRM platform aligns with brokers’ compliance needs while creating a fantastic customer experience,” said Loan Market’s head of product management MyCRM, Mathew Camp.

“By working with NextGen.Net, we’re maximising the data captured through ApplyOnline, along with their ongoing platform enhancements, so brokers can have complete confidence prior to lodging that they are within healthy margins from a compliance perspective.”

NextGen.Net’s chief customer officer, Tony Carn, welcomed the move by Loan Market to enhance its ApplyOnline integrations, adding that the group was “ahead of the curve in utilising current capabilities for expense management”.

Mr Carn added that, given NextGen.Net’s recent acquisition of Frollo, it will also soon be working with Loan Market to provide brokers with access to the Consumer Data Right through ApplyOnline to help streamline the loan application process further, providing further efficiencies to brokers.

[Related: Compliance standardisation: Addressing the elephant in the room]