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Bank of China revamps lodgement process to boost broker access

by Reporter4 minute read
Bank of China

The non-major bank has partnered with a lending fintech to bolster its home loan lodgement platform and “grow its mortgage origination network”.   

Bank of China Australia Ltd (BoCAL) has announced that it has adopted NextGen.Net’s ApplyOnline platform in a move designed to improve efficiencies in its mortgage lodgement process.  

“ApplyOnline has helped us remove any barriers between us, the lender, and our brokers,” BoCAL head of retail banking Ying Li said.

“ApplyOnline has enhanced our digital capability and provided an all-in-one solution, which allows us to receive validated electronic applications and accurate supporting documentation efficiently.”

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According to NextGen.Net’s customer account executive, Adam Turriff, the partnership stems from the bank’s ambition to broaden its footprint in the mortgage marketplace via the broker channel.

“Our engagement with BoCAL identified a desire to grow its mortgage origination network, simplify its mortgage process and embrace innovation and technology,” Mr Turriff said.

“They consulted with us about which levers to pull to embrace the third-party market and provide efficient acquisition of home loans.”

The ApplyOnline platform has been adopted along with the Combined Industry Compliance tool (Compliance tab) and the Supporting Documents service with online document verification.

Ms Li said she expects the ApplyOnline platform to lead to “increased efficiencies and faster turnaround times”.

“Using the ApplyOnline Supporting Documents service, we have gained a new level of control,” she said.  

“We’re now able to determine not just what supporting documents are required but [also] when we require them. We can choose to request documents at different stages in the loan process by creating document checklists for brokers when they submit loan applications.

“To a certain extent, it reduces the need for rework and boosts efficiency for our brokers and ourselves.”

Ms Li noted the inefficiencies associated with the manual processing of a loan application.  

“Without it, our credit assessor would need to go to multiple systems to obtain information in order to make a credit decision – now our credit assessors can see the full application,” she said.

“It mirrors what a broker submits into the system, including notes, supporting documentation and our lending requirements.”

Ms Li concluded: “We hope that the use of ApplyOnline will enable us to implement straight-through processing, improve turnaround times and increase conversion rates.”

[Related: Finsure launches new CRM platform]

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