NextGen's tech tools making processes easier for brokers and lenders
Lending technology provider NextGen has reported significant improvements in home loan application approvals for brokers and lenders using its ApplyOnline digital services, while those utilising its digital identity verification service, NextGenID, can cut approval times by 25% and reduce processing duration by up to four days.
“Lenders recognise the immense value of NextGenID in expediting mortgage approvals and enhancing customer satisfaction,” said Mike Ponsonby (pictured), head of lender partnerships at NextGen.
“Our mission is to empower brokers and lenders with cutting-edge tools that elevate the home buying experience and make lending easy. When lenders are working hard to drive productivity gains and cost reductions across the mortgage value chain, a service like NextGenID is enabling material outcomes.”
NextGenID facilitates real-time biometric, document, and data verification, digitising the process of verifying a mortgage applicant’s identity and meeting lenders’ Anti-Money Laundering and Know Your Customer requirements without the traditional administrative hassle.
The service’s integration within the ApplyOnline application, NextGen said, not only saves brokers time and effort, but also offers a seamless digital experience for customers.
Recent data showed a 25% increase in the use of NextGenID over the past two months, with one lender reporting that a third of its applications now include NextGenID verification. Several lenders, including AMP, Bank of Queensland, and Westpac, among others, are promoting NextGenID for all home loan applications through ApplyOnline.
NextGen has also noted through its ApplyOnline training program that many brokers were previously unaware of the free digital services available on the platform, designed to reduce administrative tasks and allow brokers to focus more on client support.
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