The non-major bank has teamed up with a credit reporting firm to launch a new origination platform.
Heritage Bank has partnered with global information services company Experian to introduce a new loans origination platform, which it said would cut the processing time for an average home loan application by up to 80 per cent.
Heritage Bank and Experian will work closely together over the next 12 months to roll out the platform, which will be used for both home loans and personal loans.
According to Heritage Bank, the platform would cut the average time needed to load, process and assess a standard application through its branches from about five business days to roughly one business day.
It will provide one interface to connect the multiple programs required to load and process an application, and will allow borrowers to load applications and supporting documents online.
In addition, the platform will incorporate a new credit decisioning solution, which the bank said would cut down the assessment time frames through auto-approvals for eligible loans.
The first phase of implementation will provide individuals with information on their borrowing capacity in about 10 minutes, the bank said.
Heritage Bank CEO Peter Lock said that the platform would lead to a more “consistent experience” for mortgage brokers, customers and staff members.
“Buying a home or a new car is a big moment in people’s lives, and we want to make the process as simple and easy as possible,” Mr Lock said.
“We’re thrilled to partner with Experian to implement the new platform, as it will streamline our loan process and make it quicker and easier for everyone. It will be much less cumbersome to load the application in the first place, and the assessment will also be much more efficient, so we can get loans approved much more quickly.”
Commenting on the rollout of the platform, Experian’s general manager of decisioning and analytics, Mathew Demetriou, said: “A complete end-to-end solution in such a highly regulated environment is essential for all businesses as they transform their loan services to meet the evolving needs of their customers.
“Today, competition is high and customer experience is pivotal. Combining our data, technology and consultancy to provide a platform for Heritage transforms their business to meet customer demand safely and at speed.”