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Thinktank and CitoPlus have collaborated to completely digitise the commercial and SMSF loan submission process through the launch of an end-to-end digital application experience.
According to the non-bank lender, this has streamlined the entire life cycle of a loan application and provides brokers with “seamless access to the right information”, product and policy guidance, and functionality in areas such as solution structuring, financial analysis, and serviceability calculations.
Joel Harrison, Thinktanks’ national manager partnerships said on the partnership: “At Thinktank, we believe that the future of commercial broking lies in the powerful combination of human expertise and digital transformation.
“This partnership delivers on this vision by delivering a step change in speed and efficiency as well as security for brokers and borrowers alike.”
The collaboration also ensures smoother and more efficient workflows for brokers to help them focus on closing deals faster rather than spending too much time on administrative tasks, according to Thinktank.
Graham Strain, co-founder of CitoPlus, said: ”CitoPlus are delighted to partner with Thinktank and even more excited at helping Thinktank set a new industry standard for a fast commercial and SMSF loan application experience.
“Brokers are trusted advisers to SME business clients and helping Thinktank make accessing funding for their clients an easy and quick experience is something we’re excited to scale together.”
First major bank to join CitoPlus
Prior to this announcement, Westpac became the first major bank to join the CitoPlus platform that allows brokers accredited by the bank across all aggregation groups to digitally apply for business loans more quickly and easily.
Westpac general manager for commercial banking, Shane Howell, said the new digital application process makes it easier for customers to apply for business loans.
“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,” he said.
“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.”
[RELATED: Major bank becomes first to join CitoPlus platform]
