AMP Bank credits its digital investments for strong engagement with its new broker portal.
Since July, when AMP launched its MyPortView portal, 900 additional brokers have come on board, and 27 percent of those were introduced to the technology this year.
With the new technology, underpinned by First Mortgage Services, the bank’s latest tool provides clearer agreement oversight and greater self-service capabilities, resulting in better communication between brokers and lenders.
It also noted increased usage across its new MyPortView chat function that allows brokers to hold instant conversations and cut out wait times.
AMP Bank data found that brokers and advisers are 50 percent more likely to work with lenders with digital tools that can limit ‘time to yes’ and remove uncertainty around securing loans for customers.
AMP Bank group executive Sean O’Malley said brokers are “critical to connecting AMP Bank with customers looking to create wealth through property, and we’re committed to make it easier for them to work us.”
“We’re investing in digital, data and automation to reduce ‘time to yes’ and enhance the broker experience. Time and certainty are the new currency, and we’re committed to leading the charge,” O’Malley said.
He said by pushing “digitisation and automation” AMP Bank is better able to support the industry players.
“Our conversations with brokers and advisers only affirm that we’re doing the right thing to incrementally digitise legacy services.
“Early responses to the latest enhancements are pleasing, and we’ll be continuing to focus on enhancing self-service capabilities, improving efficiency, reducing manual verification, and further automation of the decisioning process in the coming months.”
Throughout the year, AMP Bank has been building out its digital mortgage offering including e-sign for loan applications with NextGen and First Mortgage Services as well as teaming with NextGen again for home loan facial recognition technology.
AMP Bank’s complete retail digital mortgage offering is currently underway in a controlled launch and set for public launch later this year, leveraging Nano’s lending platform.
O’Malley told iTnews earlier this month that updating the bank's digital experience for both its customers and mortgage brokers was part of its ongoing strategy.
He said 'time to yes’ - approval times - in mortgages is "critically important” with plans now to switch focus “to the existing customer experience”.
