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Focused on “speed, visibility, and flexibility,” the new mortgage broker platform will reportedly streamline digital home loan lodgement to assist both brokers and customers.
Features include access to integrated information requests and live status updates so brokers can keep track of their customers’ applications.
Also, an improved user interface allows brokers to complete home loan applications in any order and the platform equips brokers with updated tools and processes that reduce typical friction points within the home loan application process.
The tech will reportedly eliminate repetitive data verification tasks by allowing brokers to use illion BankStatements technology to collect customer data. It will also implement Smart Statements to reduce the amount of paperwork required. Verification of identity and privacy consent have been updated to streamline these tasks.
"Our Decisioning Engine allows us to review and approve most of our loan applications within two days. This means we can fast-track the ‘time to yes’ so busy brokers can feel confident about lodging deals,” said Srbinovski.
The new tech was created with brokers in mind, said Ubank’s head of broker distribution, George Srbinovski.
He said that after conducting market research into what brokers need to better service clients, tech was seen as a key consideration.
“By understanding specific friction points in the lodgement process we were able to rebuild our platform around brokers’ needs for flexibility and speed so they can delight their customers who need to act fast when they have found a property they want to buy,” said Srbinovski.
“We understand that brokers play an important role in guiding borrowers through complex financial decisions.”
The rise in broker market share served as inspiration behind the investment.
“In recognition of the increasingly important role mortgage brokers play in the Australian home lending market, Ubank has listened to feedback and rebuilt its online broker platform from the ground up,” said Srbinovski.
“With the majority of Australians choosing to purchase a home or investment property via a broker, our goal was to develop a platform that helps brokers work smarter. We have achieved this by working with brokers to address pain points in the lodgement process.”
In a statement, the lender said it’s “committed to supporting brokers” and is “dedicated to supporting the entire broker ecosystem so they remain competitive and well-equipped for the future.”
[Related: NextGen partners with aggregator, launches open banking tech]
