Broker feedback drives development of streamlined lending platform
AMP Bank has announced a significant milestone in the development of its new loan origination platform, with the first applications successfully submitted and approved as part of an internal pilot.
The bank has collaborated with technology partners Simpology and MSA National, along with providers such as Fortiro, Equifax, Illion, CoreLogic, and IDVerse, to create an end-to-end loan application solution aimed at reducing approval times and improving efficiencies for brokers and clients.
A broader broker pilot is scheduled for the second quarter of 2025, with a full rollout planned later in the year.
The new platform incorporates advanced income verification tools to validate borrower income early in the application process, reducing the need for manual documentation. It integrates technology that extracts and verifies income from payslips, with built-in fraud detection, and allows direct verification of employment and income via payroll providers.
The platform also enables brokers to share pre-collected data, avoiding duplication. Rental income can now be validated using automated valuation models rather than requiring tenancy agreements. Brokers will also have the option to include declared income where automated verification data is incomplete.
Brokers will be able to reuse previously collected verification of identity (VOI) data, streamlining the process for clients. Using Simpology’s Loanapp platform, brokers can either initiate ID verification or assign existing VOI reports generated through IDVerse. This feature reduces duplication and saves time for brokers and borrowers.
“This new solution will be a game changer for brokers and their clients, reflecting AMP Bank’s focus on partnering with the industry’s leading tech specialists to provide the best possible borrowing experience,” said Michael Christofides (pictured above left), AMP Bank’s director of lending and everyday banking. “It also reflects our commitment to brokers, who we believe are vitally important to helping Australian consumers access the best possible loans.”
Melissa Christy (pictured above right), AMP Bank’s head of lending origination, added that the bank’s consultation process with brokers to understand their business needs has been central to the new solution’s development.
“We believe it was important to involve brokers in the process given our commitment to develop a market-leading loan application experience which best supports their businesses and clients,” Christy said.
“Brokers have told us that the ability to securely verify their client’s income pre-loan submission, together with other features such as simplified ID verification, create significant efficiencies for their businesses and support a better client experience. Our new solution includes all of these features, and more.”
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