AMP Bank has introduced electronic signatures for loan applications as it seeks to strengthen its digital processes for home loans.
With the new electronic signature feature, backed by technology from NextGen and First Mortgage Services, clients can electronically sign application forms and its Borrower Interview Guide online.
Borrowers can already electronically sign loan documents, but that’s only part of the home loan process.
The electronic signature feature should eliminate the need to physically print and sign documents and eliminate a manual verification process.
Elsewhere in its lending business, the bank said it will also start providing full credit reporting functionality from March 21.
As part of the “Access Seeker” service provided by Equifax and NextGen, the comprehensive credit report will provide greater visibility into a customer’s liabilities, but without negatively impacting their credit file.
Other enhancements mean that AMP’s “ApplyOnline” application portal will highlight missing application information to better help brokers, advisors and clients submit more accurate, complete and timely applications.
And the bank said it made improvements to an automatic credit decision engine, improving decision-making by 75%, resulting in faster and more consistent approvals.
AMP Bank Group leader Sean O’Malley said the bank was trying to “simplify and improve the lending experience for brokers and advisers”.
“E-signature and new comprehensive credit reports will make it easier and faster to start and approve loans with AMP Bank,” O’Malley said.
“The technology reflects AMP’s ongoing strategic investments to improve AMP Bank’s systems, and its commitment to further reduce loan approval times and increase home loan origination capacity, which has increased by 70% last year.
“Our goal this year is to further digitize and automate lending processes, which will continue to make it easier for brokers, advisors and clients to do business with us.”
Earlier this year, AMP emphasized investments in its banking division and in digital initiatives.
At the time, AMP CEO Alexis George told investors that the company “is investing in technology to improve the experience of our banking customers, including consistently fast turnaround times and our home loans.” “.
On AMP Bank, George said it had “shown quite clearly how important the bank is to our future direction”.