AMP Bank is set to overhaul its end-to-end mortgage application process, promising brokers “a streamlined experience” through the adoption of a popular lendtech platform.
The lender has confirmed a new partnership with Australian lendtech developer Simpology to deploy its latest end-to-end loan origination platform for brokers, which will be tailored with “bespoke journeys designed and configured” for AMP.
AMP boasts that the new loans platform offers fully digitalised ID checking, up-front verification of credit-critical data – such as income and outstanding liabilities – prior to application submission, and instant feedback on application data.
The new platform, built with a straight-through processing capability and simplified business rules, promises real-time decisioning, fast-tracked applications and a “market-leading” ‘time to yes’.
The omnichannel-capable, self-service platform will enable brokers to process applications with the device of their choice. As well, brokers will have access to a digital fact-find and information request portal, alongside live application status updates.
“This addresses a common pain point felt by brokers in not having a clear view of an application’s progress once submitted, giving brokers certainty, and putting them back in control throughout the application journey,” AMP said.
AMP will run a pilot of the platform through select aggregator/s in Q4 of this year, with a full launch expected by mid-2025.
Simpology chief executive Kate Gubbins said its flagship loan origination (LoanApp) platform has undergone a substantial rebuild over the last few years, “focused on digitisation, smart processes and workflows to ensure that brokers are better informed, they’re getting a better experience and [delivering] a better experience for customers”.
“But also when they are spitting the deals into AMP we can ensure they have a really fast time-to-yes,” she added.
AMP Bank group executive Sean O’Malley welcomed the strategic partnership with Simpology, which he said would provide “a market-leading standard in service excellence for our brokers and their customers”.
“For us, this is going to give us more capability to give brokers and their customers really fast decisions as well as increasing the amount of self-service control in broker’s hands.”
He added: “For us, it’s a continuation of AMP’s deliberate strategy to partner with innovative tech companies so that we can deliver breakthrough experiences.”
Melissa Christy, AMP Bank’s head of lending origination said the bank was “committed to building leading digital solutions which enhance broker experience and give us the agility, flexibility, and scalability to meet the banking needs and expectations of the customer of tomorrow”.
Founded in 2006, Simpology is a popular choice among Australian lenders, providing its technology to around 30 home loan providers in Australia, including NAB-owned digital-only play UBank, ANZ, and People’s Choice Credit Union.
