AMP boosts digital footprint in bid to slim turnarounds

This deal between AMP Bank and NextGen has introduced two new technologies to the non-major bank, including the fintech’s verification identity (VOI) tool NextGenID. 

Introduced into NextGen’s ApplyOnline tool late last year, NextGenID is a digital product that is designed to reduce time in loan applications by verifying mortgage applicant data and documents without identification details being entered or uploaded. 

The VOI instrument utilises biometric technology, leveraging facial and optical recognition, removing the need to authenticate and submit ID documents.

NextGen head of customer accounts Mike Ponsonby expanded on this, stating that the benefit of NextGenID’s streamlining of the identification process is that it provides “a faster time-to-yes while protecting the privacy of the applicant”. 

He added that it also “eliminates the need for manual intervention or missing information requests when it comes to applicant identity requirements, cutting processing times and costs”.

Further, this arrangement has integrated NextGen’s Broker-Ordered Valuations service with the non-major bank, said to provide brokers with the ability to request, manage or track an existing client’s applications and valuations via NextGen’s ApplyOnline tool. 

Last year, Bluestone Home Loans confirmed it had introduced the valuation tracker alongside a range of other NextGen products. 

AMP Bank has said that the benefit of Broker-Ordered Valuations is that it will allow for faster valuation turnaround times, which when combined with NextGenID and “ongoing system enhancements”, will improve the bank’s “time to yes” decision. 

Earlier this year, the bank introduced digital signatures for loan applications and confirmed it will launch a digital mortgage for retail customers during the third quarter of 2022. 

Both of these latest additions have been live with AMP Bank since late May. 

Speaking of the new technologies, AMP Bank group executive Sean O'Malley commented that the bank’s focus is to ensure that it “continues to deliver fast and consistent service to support customers to put their best foot forward in the property market”. 

“The latest VOI and property valuation technologies streamline the process of applying for a home loan, saving brokers time, and reducing ‘time to yes’ for customers,” he said. 

Mr O'Malley added that these strategic investments in the digital space will enable AMP Bank to “further simplify and improve the lending experience, supported by people, process and technology enhancements”.

“Investment in digital capabilities is a key enabler of AMP Bank’s strategy to grow its share of the home loan market as a tech-enabled challenger bank,” Mr O'Malley said.

However, this move towards simplification also echoes calls made by AMP chief executive Alexis George last year on how the group had plans to focus AMP Bank towards the broker sector. 

Speaking to Mortgage Business last year, Ms George flagged that there was a “real opportunity to grow the bank” through the broker space and continued digital interactions with clients. 

“There’s still a really competitive market out there, I acknowledge that. But I think there’s an opportunity for us there, and I think the broker space will be a big part of that,” Ms George said.

[Related: AMP partners with Nano for new digital mortgage]