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The bank has expanded an earlier trial of its digital origination platform to include 50 more brokers.
AMP Bank has begun the latest stage of testing its new digital lending platform, with 50 additional brokers taking part.
As of Tuesday (27 May), the new cohort of brokers has been piloting the new end-to-end loan application solution, developed in partnership with fintechs, including Simpology, MSA National, and Fortiro.
The pilot is part of a phased rollout, designed to make use of real-world testing, feedback, and continuous improvement.
The expanded pilot follows a successful initial testing phase, which saw a smaller group of four brokers and their support teams using the platform.
Since then, applications have been submitted, assessed, and settled via the tech.
AMP said the platform had been co-designed with brokers from the ground up to deliver a faster, simpler, and more intuitive experience for brokers and their clients.
The platform is on track for full market launch in the coming months.
The broker pilot, first announced in December, will trial the platform that works alongside technology from leading software providers, including Fortiro, Equifax, illion, CoreLogic, and IDVerse, to fast-track time to loan approval and improve fraud detection.
AMP Bank said the tech would streamline the lodgement process by running upfront income verification, pre-populating loan application data, and streamlining digital ID processing.
The software will also give brokers real-time decisioning and live status updates while issuing loan documents in 90 seconds via DocuSign.
Commenting on the new tech, Melissa Christy, AMP Bank’s head of lending origination, said the new platform had been built in close partnership with brokers.
“Since day one, this platform has been shaped by brokers, for brokers. We’ve worked side-by-side with a core group since last year to design a system that delivers what matters most – speed, simplicity and great client outcomes,” she said.
“We’re incredibly grateful for the insights and feedback from our pilot brokers – their input is directly influencing what we’re confident will become the leading origination platform in the market.
“This next phase of the pilot deepens that collaboration, ensuring we continue to refine and deliver a solution tailored to the real-world needs of brokers and their clients.
“With more than 90 per cent of AMP Bank home loans written through brokers, we know just how critical their role is in helping Australians access competitive lending solutions – and we’re proud to back them with the tools to do it even better.”
The broking industry has been through a groundswell of new tech recently, with Australian mortgage brokers increasingly at the forefront of technological innovation, developing their own platforms to address common industry challenges.
As well as widely adopted broker-built technology such as CRM BrokerEngine, software provider LoanOptions.ai technology, serviceability platform Quickli, and The Broker’s Bible, recent additions include scenario tech Cynario and portable CRM system Emerald Edge.
You can find out more about the cutting-edge tools that mortgage and finance brokers are using in the April edition of The Adviser magazine here.
[Related: AMP to trial new origination system with brokers in Q2]
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