AMP Bank has unveiled a series of tech enhancements to its NextGen-backed mortgage broker portal, including a new facial and optical ID verification capability.
Developed by digital identity verification developer NextGen, the new biometric capability has been directly embedded into its ‘ApplyOnline’ application portal, enabling AMP mortgage applicants, using their smartphones, to now verify their identity within minutes.
According to the bank, the new service, known NextgenID, allows home loan applicants to complete a guided verification in “two minutes” without the need to manually enter and upload ID documents, “saving brokers and advisers time, and supporting faster turnaround”.
Brokers, through the ApplyOnline portal, can trigger a prompt for applicants to complete their verification.
Using optical character recognition and biometric scanning, the platform securely captures applicants’ identity documents and completes a liveness test of applicants through their smart device. The tool thus not only verifies a customer’s identity but also the validity and currency of their identity documents.
Mike Ponsonby, head of customer accounts at NextGen, said the new verification of identity (VOI) service “eliminates the need for manual intervention or missing information requests when it comes to applicant identity requirements, cutting processing times and costs.”
“The NextgenID tool streamlines the identification process for all users, providing a faster time-to-yes while protecting the privacy of the applicant.”
NextGen claims its ID verification service is the only platform in the market today that is capable of offering Supervised Remote-Identity Proofing (that is, a comparable level of confidence and security to that of in-person identity proofing) for identity assurance up to level three (requiring a physical presence for identity proofing) in accordance with NIST SP800-63-3 and FIPS 201-3 standards.
The bank has also implemented NextGen’s Broker-Ordered Valuations service, giving mortgage brokers, through the ApplyOnline portal, the ability to order or retrieve an upfront valuation report before applying for a home loan on behalf of customers.
This valuation report is separate from that offered through CoreLogic’s Property Hub.
“The service provides comprehensive property information for brokers and allows for faster valuation turnaround times, which combined with VOI and ongoing system enhancements, enables AMP Bank to significantly improve the ‘time to yes’ decision,” the bank said.
Brokers, as a result of the two enhancements, can now request, manage and track existing clients’ applications and valuations within the same portal.
AMP is also currently developing a new, “fully digital mortgage” service for new retail direct-to-bank customers, leveraging fintech Nano’s own mortgage platform.
The end-to-end digital home loan service, which is expected to be launched as a limited release in the third quarter of this year, will be capable of providing unconditional approval for a home loan within minutes.
Earlier this year, AMP also launched an electronic signature (eSignature) service within ApplyOnline, as well as ‘Access Seeker’ credit report service, providing visibility of customer liabilities upfront.
Sean O’Malley, AMP Bank group executive said the bank was “committed to providing leading tools and enhancements to help make it easy for brokers and advisers to work with AMP Bank”.
“Our focus is ensuring AMP Bank continues to deliver fast and consistent service to support customers to put their best foot forward in the property market. The latest VOI and property valuation technologies streamline the process of applying for a home loan, saving brokers time, and reducing ‘time to yes’ for customers.
“AMP Bank’s ongoing strategic investments in digital enable us to further simplify and improve the lending experience, supported by people, process and technology enhancements.
“Investment in digital capabilities is a key enabler of AMP Bank’s strategy to grow its share of the home loan market as a tech-enabled challenger bank.”