AMP enables digital eSignatures for loan applications

AMP eSignature eSign

AMP Bank has launched a new digital eSignature capability, enabling customers to remotely sign their loan application forms and borrower interview guides online.

AMP confirmed the new electronic signature service comes on top of an existing eSign capability – introduced in 2020 for its ApplyOnline online mortgage portal – for loan documents, extending this capability further.

Using the new eSign service, brokers and customers will no longer need to print and physically sign documents. AMP also said it would eliminate the need for manual verification of documents at its end.

The service is underpinned by technology supplied by loan and electronic document processing services NextGen and First Mortgage Services.

Meanwhile, the bank’s lending arm has also introduced a Comprehensive Credit Report ‘Access Seeker’ service, which provides brokers, advisers and customers upfront visibility of customer liabilities without impacting their credit file.

The Bank’s application portal, ApplyOnline, will now flag information that is missing from a mortgage application, ensuring brokers, advisers, and customers submit more prompt and accurate processing of applications.

This new capability follows enhancements to AMP’s auto credit decisioning engine, which have resulted, the bank said, in a 75 per cent improvement in its automated decisioning rate, delivering “faster, more consistent approvals”.

AMP Bank group executive Sean O’Malley said the introduction of enhanced digital capabilities offer “another important step forward for AMP Bank to simplify and improve the lending experience for brokers and advisers”.

“Both eSign and the new Comprehensive Credit Reports will make it easier and quicker to originate and approve loans with AMP Bank.

“The technology reflects AMP’s ongoing strategic investments to enhance AMP Bank’s systems, and commitment to further reduce loan approval times and increase home loan origination capacity, which increased by 70 per cent last year.

O’Malley added that the bank will continue its focus this year on further digitising and automating its lending processes, “[continuing] to make it easier for brokers, advisers and customers to do business with us”.

AMP in its FY21 Annual Report promised to further its tech investments to help streamline its origination processes, with the goal of improving customer and broker experiences.

“[AMP] Bank is delivering mortgage lending growth above system, benefiting from our investment in service and support, with further digitisation and automation planned,” AMP chief executive Alexis George said in February, at the time of the Report’s release.

AMP confirmed more than 10,700 new home loans between FY20 and FY21.