Partnership with Simpology to deliver better, faster experience for brokers
AMP Bank has announced a complete overhaul of its home loan application process, in an effort to provide streamlined, faster and more user-friendly experience for brokers and their customers.
The non-major bank has partnered with well-known Sydney fintech Simpology, which specialises in mortgage platforms, to build a new lending system that it says will provide a market-leading home loan experience.
AMP Bank said the result would be an end-to-end home loan application journey which “will fast-track the ‘time to yes’, provide a superior broker experience, and give greater visibility and certainty of an application from submission to settlement”.
A pilot of the new system, which uses Simpology’s technology to provide a process designed and configured for AMP Bank, will be held in Q4 of 2024, around October and November. The pilot test phase will enable brokers to use the system through select aggregators before it is fully rolled out in Q2 of 2025.
Simpology currently provides mortgage origination solutions to more than 30 lending partners and the mortgage broker and aggregator.
Features of AMP Bank’s new home loan process
AMP Bank said new capabilities across data, digital and automation would result in a streamlined experience, bringing real-time decisioning and updates to brokers’ fingertips.
The new loan process will include:
- fully digitised identification processes;
- up-front verification of credit-critical data prior to submission; and
- instant feedback on application data to allow real-time decisions.
The banks said this combined with the solution’s straight-through processing capability and simplified business rules, would enable market-leading approval times and give brokers more confidence in the application’s outcome from the outset.
Benefits for brokers
Brokers are crucial to the success of AMP Bank’s home lending division, with more than 90% of its home loans sourced from brokers.
The bank said broker feedback had played a key role in the development of the new home loan process, with the aim of providing convenient digital engagement between broker and lender.
“Through this new solution, brokers will have access via any device to a secure online portal with transparent self-service, for example integrated information requests and live status updates,” AMP Bank stated.
“This addresses a common pain point felt by brokers in not having a clear view of an application’s progress once submitted, giving brokers certainty, and putting them back in control throughout the application journey.”
AMP Bank group executive Sean O’Malley (pictured above centre) said he was pleased to announce the strategic partnership with Simpology to help bank transform its home loan journey and “provide a market-leading standard in service excellence for our brokers and their customers.”
The bank’s head of lending origination, Melissa Christy (pictured above left) said the new process would fast-track turnaround times and bring brokers closer to decisions and outcomes, giving them self-serve capability and transparency throughout the home loan application.
“We’re committed to building leading digital solutions which enhance broker experience and give us the agility, flexibility, and scalability to meet the banking needs and expectations of the customer of tomorrow,” Christy said.
Simpology founder and CEO Kate Gubbins (pictured above right) said Simpology was excited to be partnering with AMP Bank on the transformation of its home loan application experience.
“Simpology’s new origination ecosystem aligns with AMP Bank’s ambitions of supporting their brokers and customers with great experiences and speedy outcomes,” Gubbins said.
“AMP Bank’s commitment to excellence and challenging the status quo makes them the perfect partner to bring to life the capabilities of our platform.”
In February, AMP Bank recorded recorded a net profit after tax of $93 million for the 2023 financial year, down on its FY22 result of $103 million, reflecting subdued growth in its residential mortgage book.
In November, AMP Bank announced it would launch a new digital bank division specifically designed to target the transaction needs of sole traders and small business. The digital bank will be built in FY24 and launched in Q1 2025 and operate on a separate technology platform as a new division to AMP Bank.
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