The mutual bank has upgraded its ApplyOnline package to help deliver a processing “fast lane” for brokers.
Mutual bank Newcastle Permanent has begun the first steps in expanding its ApplyOnline capabilities, introducing new digital tools that are intended to boost application quality and increase the speed of application processing.
According to Newcastle Permanent’s acting head of digital customer experience and innovation, Simon Burt, brokers who use the entire suite of ApplyOnline’s technology tools are provided a level of assurance and efficiency that he believes is an advantage.
“Features such as ‘Supporting Docs’, the checklist within ApplyOnline, the Document Verification Service and ‘eSign’, allow us to fast-track the processing of loans and build good, trusted relationships,” Mr Burt said.
“We use technology to make it easy for the broker to take out the pain points and deliver us a quality application so the process can be streamlined and quick. Relationships are a key aspect of that equation.”
Mr Burt also noted that, with NextGen.Net’s technology, he was confident that Newcastle Permanent would be able to provide a leading proposition, and therefore “genuinely compete with the major banks”.
My Burt added: “Our size means we are small enough to make changes quickly and big enough to have enough money to do it.
“For example, we’ve been one of the first lenders, apart from the fintechs, to deliver digital signatures on home loans end to end.
“We use ApplyOnline eSign at the application stage and DocuSign is implemented for the mortgage and loan agreement, as well as for variations.”
NextGen.Net customer executive Steven Hudson added: “Through our partnership we can ensure Newcastle Permanent maximises its return on investment.
“We adopt a consultative approach and make recommendations on where we can make efficiencies work and where there are opportunities for improvement.”
According to Newcastle Permanent, its next step will be to “further expand their point of sale quality features to improve straight-through processing for faster turnarounds”.
This intention of expansion by Newcastle Permanent comes as it prepares to merge with Greater Bank.
According to the two mutuals, the merged entity would benefit from “the shared capabilities of both brands, investment and technology enhancements, to continue to deliver a best-in-class customer experience”.
Sam Nichols is a journalist at The Adviser and Mortgage Business. His reporting has featured in a range of outlets including ABC News, SBS' The Feed, and VICE.
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