AMP Bank has introduced e-signatures for loan applications as it looks to strengthen its digital processes for home loans.
With the new e-sign functionality, underpinned by technology from NextGen and First Mortgage Services, customers can electronically sign application forms and its borrower interview guide online.
Borrowers can already electronically sign loan documents, but this is only part of the home loan process.
The e-sign feature is expected to eliminate the need to print and physically sign documents and removes a manual verification process.
Elsewhere in its loans business, the bank said it will also begin providing comprehensive credit report functionality as of March 21.
Under the ‘Access Seeker’ service provided by Equifax and NextGen, the comprehensive credit report will provide greater visibility of 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 assist brokers, advisers and customers to submit more accurate, complete, and timely applications.
And the bank said that it had made improvements to an automatic credit decisioning engine, improving decision-making by 75 percent, resulting in faster, more consistent approvals.
AMP Bank group executive Sean O’Malley said the bank is trying to "simplify and improve the lending experience for brokers and advisers”.
“Both e-sign and the new comprehensive credit reports will make it easier and quicker to originate and approve loans with AMP Bank,” O’Malley said.
“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 percent last year.
“Our focus this year is to further digitise and automate lending processes, which will continue to make it easier for brokers, advisers and customers to do business with us.”
Earlier this year AMP flagged a focus on investment into its banking division and into digital initiatives.
At the time, AMP CEO Alexis George told investors the business is “investing in technology to improve the experience for our bank customers, including consistently fast turnaround times and our home loans.”
On AMP Bank, George said she has "made it pretty clear how important the bank is to our future direction”.
