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Digital white label commercial loans to launch in 2018

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Reporter 4 minute read

The first digital white label commercial solutions will launch next year, according to the sales director of a leading technology service provider, as the pace of change in the digitisation of commercial loans further accelerates.

Speaking to The Adviser, NextGen.Net’s Tony Carn said that 2018 would involve “a lot more work in making commercial mortgages digital”.

The sales director said: “We’ve had ANZ asset finance, Suncorp and NAB all launch digital commercial products in the last 13 months.

“We’ll see another lender introduce a white label digital commercial solution early in the new year with us, and that is really exciting stuff. I think the pace of change there — in the digitisation of commercial loans and white label digital commercial loans — has a lot of opportunity and will gather speed.”

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Earlier this year, Mr Carn said that the electronic lodgement of commercial loan applications would become the industry norm over the next 12 to 18 months.

Speaking last month, Mr Carn said: “We’re in a transition phase, with some people still believing that commercial loans are too complex to digitise. But that attitude is fading fast. In some respects, we’re where we were 15 years ago with residential mortgages and a minority not fully understanding the technology available.”

However, the sales director said that lenders are increasingly realising that without electronic lodgement, the building of scalable platforms to write large volumes of commercial loans would require more staff (in order to deal with extra paperwork needed for traceability, communication and auditing).

He particularly applauded NAB for its digital commercial loan, a “Commercial LIM” that enables the distribution of business finance to the broker market.

“They’re the first to deliver a comprehensive digital commercial loan solution in the lending space and they deserve to be applauded,” Mr Carn said, adding that the infrastructure and framework they have put in place around accommodating commercial loans for brokers is “delivering better turnaround times, reducing reworks and provid[ing] greater visibility, tracking and backchannel messaging”.

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Concluding, Mr Carn said: “Broker diversification is increasingly on the agenda. Electronic lodgment of commercial loans makes it much easier and more efficient, and therefore, commercial lending is becoming far more accessible.”

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Digital white label commercial loans to launch in 2018
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