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Westpac has become the first major to join the CitoPlus platform. This deal management platform allows for brokers to manage business client resources.
Now, brokers accredited by the bank across all aggregation groups can digitally apply for business loans quicker and easier, said Westpac general manager for commercial banking, Shane Howell.
“The new digital application process is now live nationally for all brokers, making it easier for customers to apply for business loans and giving them faster access to finance, all with the support of our specialist bankers,” said Howell.
“Through the pilot, brokers told us it reduced their time spent on manual tasks, simplified the gathering of data and documents required and made it clear what they needed to submit applications with Westpac.”
According to Westpac, the pilot began in October of last year, in operation for a select few regions and aggregator groups.
After positive feedback, the CitoPlus solution has been rolled out across the entire Westpac business lending ecosystem.
Graham Strain, co-founder of CitoPlus said: “We are delighted to scale the digitisation of business loan applications via the Broker channel with Westpac.”
“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.”
Some of the key features of the platform are:
- Tailor solutions for their clients
- Structure the deal and assess serviceability
- Create credit submissions
- Select the Westpac banker to receive the application and receive progress updates on the applications and the final settlement details
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