Digital solution launched for commercial brokers

Westpac has confirmed that brokers will be able to apply for Westpac business lending products via a digital platform developed in collaboration with CitoPlus from October.

According to the major bank, commercial brokers will be able to submit applications and documents and digitally track the progress of a deal, aimed at delivering a “faster and easier” experience for brokers in order to achieve the best outcomes for SME and commercial customers.

Westpac general manager for commercial banking Shane Howell said: “Our partnership with CitoPlus is about making it easier for customers, with faster access to finance, less back and forth and only asking the questions that matter.”

Howell said that Westpac bankers will remain the key anchor point to deliver successful customer outcomes: “At the other end of the digital experience will be Westpac industry and SME third party specialist bankers.

“Customers will be partnered with expert bankers to suit their needs, whether they’re in healthcare, professional services, property development or agribusiness or if they’re looking for specialised lending or equipment finance.

“Our specialist bankers are the magic ingredient and our partnership with CitoPlus will deliver brokers a seamless experience so they can get the best outcome for their clients.”

Graham Strain, co-founder of CitoPlus, said: “We are delighted to partner with Westpac to digitise SME loan applications via the broker channel.

“A combination of human judgement and digitisation is the future of SME lending, and this initiative helps make the right tailored solution easy to source.

“Our unique digital platform helps brokers provide great service to their clients and work with the right information, faster. Westpac’s commitment to providing a better experience for everyone involved is something we are excited to help make happen.”

Green energy program

In August, Westpac became the first bank supported by a “landmark” green energy program by the Clean Energy Finance Corporation (CEFC).

Westpac’s Sustainable Upgrades home and investor loans were launched on 26 August, with the bank’s customers having access to a competitive variable rate of 4.49 per cent p.a. for the installation of new features or tech on their properties to improve energy efficiency or climate resilience.

Westpac has confirmed that owner-occupier and investor home loan customers who hold an existing or approved eligible loan will be able to apply to borrow up to $50,000 with up to a 10-year loan term.

[RELATED: Westpac the first supported by ‘landmark’ green energy program]

Adrian Suljanovic is a journalist at Broker Daily with more than two years experience reporting on all facets of the third party distribution channel.

Adrian has written for a range of business and finance titles including IFA, Investor Daily and Lawyer’s Weekly before joining the mortgages team in 2022.

He graduated from the University of Wollongong in 2021 gaining a Bachelor of Communication & Media with a major in Digital & Social Media.

E-mail Adrian at: This email address is being protected from spambots. You need JavaScript enabled to view it.