BankVic digitises home lending

BankVic has digitised and automated its home loan process in efforts to create a smoother experience for customers.

The member-owned mutual bank tapped NextGen’s ApplyOnline platform for a better customer experience, reducing approval times and boosting the bank's processing and decisioning capacity.

BankVic selected NextGen, which also partners with AMP, as its technology partner for retail and broker application lodgement all the way through to processing and approvals.

Available now for BankVic’s broker partners, the bank is using the core platform, the digital verification of identity service 'NextGenID', and the Access Seeker Credit Report service.

BankVic CEO Anthony De Fazio said the solution will enable the bank “to streamline and improve lending processes, providing members with a straightforward home loan journey”.

“By automating and digitising our processes, this partnership will transform BankVic’s home lending process and reduce time to approval," De Fazio said.

“This will also provide more options across the market to access BankVic’s home loan offers – a better experience for members, our people and brokers.”

De Fazio added, “it’s part of our strategic transformation across all parts of BankVic’s lending business.”

“Technology is key to delivering straightforward and streamlined experiences for our members and we’re passionate about the potential that technology and our teams have to deliver valuable services to our members and their communities.”

It’s expected the new platform will allow BankVic to expand its broker footprint and also support its personal lending and car finance growth ambitions.

De Fazio said the bank is “constantly evolving with a focus on the fundamentals that provide value back to members".

“We are one of the first mutual banks to take full advantage of the application, workflow and decisioning capability that NextGen offers, putting our members’ experience front and centre.”