NAB-owned digital bank, Ubank, has completed a full rebuild of its mortgage broker platform, offering brokers a streamlined loan lodgement process and an improved user interface.
The new platform boasts a range of new tools and bespoke processes for brokers, promising to reduce friction points throughout the loan application process. The rebuild emphasised brokers’ need for “speed, visibility and flexibility”.
Among the new features include an “industry first” Broker Flow tool, enabling users to tap Illion BankStatements technology – which draws out and verifies relevant income and expense information from customers’ bank statements – to expedite the application process.
Additionally, the platform’s complementary Smart Statements feature promises “quick and secure” retrieval of client income from their bank. Ubank was a pioneer in the space, being among the first Australian lenders to introduce digital income and expense verification tools within its portal.
The bank said it has also “significantly streamlined” its Verification of Identity (VOI) and privacy consent process for both customers and brokers.
“Customers now only receive one communication to complete their compliance tasks, allowing brokers to work simultaneously to complete the remaining pieces of the application.”
As well, Ubank’s proprietary Decisioning Engine fast-tracks loan reviews and approvals, enabling most loans to be processed within two days post-lodgement, said George Srbinovski, Ubank’s head of broker distribution.
“This means we can fast-track the ‘time to yes’ so busy brokers can feel confident about lodging deals with Ubank,” he said.
Ubank hailed the newly upgraded platform as the cornerstone of its broker strategy, which recognises the increasingly important role of brokers in the home lending market.
According to Srbinovski, the platform was built with significant input from brokers.
“With the majority of Australians (seven out of 10) choosing to purchase a home or investment property via a broker, our goal was to develop a platform that helps brokers work smarter.
“We have achieved this by working with brokers to address pain points in the lodgement process,” he said.
Srbinovski added: “Our new platform offers a more flexible and faster way for brokers to lodge. Brokers can access the platform securely to access integrated information requests and live status updates so they can keep track of their customer’s applications.”
NAB reports that its digital banking subsidiary had increased its loan book by 13 per cent between FY23-24, reaching $13.5 billion.
Ubank boasts an accredited broker network of more than 16,000 members.
The bank has also seen steady growth in its retail customer base, acquiring more than 100,000 customers in the 12 months to September 2024, up 15 per cent over that period, to reach 850,000.
