Australian biggest customer-owned bank, Heritage Bank, has partnered with global information services company Experian to set up a loans origination platform that will reduce the loan processing time by up to 80%.
A statement from the bank said the new platform would have a single interface to connect all the programs that were needed to process an application.
The current loan process takes about five days and this is expected to be pared back to one day.
The platform will be rolled out over the next 12 months and will be able to handle both personal and home loans.
Heritage chief executive Peter Lock said: “Buying a home or a new car is a big moment in people’s lives and we want to make the process as simple and easy as possible.
“We’re thrilled to partner with Experian to implement the new platform, as it will streamline our loan process and make it quicker and easier for everyone.
“It will be much less cumbersome to load the application in the first place, and the assessment will also be much more efficient, so we can get loans approved much more quickly.
“It’s exciting to work with the great team at Experian, who have already done some tremendous work in helping us roll out the first phase of the new platform.”
Experian’s general manager of Decisioning and Analytics, Mathew Demetriou, said: “A complete end-to-end solution in such a highly regulated environment is essential for all businesses as they transform their loan services to meet the evolving needs of their customers.
“Today, competition is high and customer experience is pivotal. Combining our data, technology and consultancy to provide a platform for Heritage transforms their business to meet customer demand safely and at speed.
“The phased approach of this significant transformation reflects Heritage’s commitment to their customers, brokers and staff, enabling strong adoption for the highly efficient loan platform.”
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