What do brokers want from lenders?

Brokers are 50% more likely to engage with a lender that offers a reduced ‘time to yes’ for their clients, AMP Bank has revealed.

The new data released also suggests that brokers would prefer no ambiguity around securing loans for customers.

AMP Bank recently launched a new broker portal tool MyPortView, which the banks says is innovating how lenders and brokers communicate by moving toward a comprehensive and real-time broker experience.

Developed by First Mortgage Services, it gives greater visibility on status of deals from unconditional approval to settlement and the ability to self-service customer documentation and upload any outstanding items directly into the portal.

“Brokers are critical to connecting AMP Bank with customers looking to create wealth through property and we’re committed to making it easier for them to work us,” said AMP Bank group executive Sean O’Malley (pictured above).

“We’re investing in digital, data and automation to reduce ‘time to yes’ and enhance the broker experience. Time and certainty are the new currency and we’re committed to leading the charge.”

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O’Malley said AMP bank had seen increased uptake in the new chat functionality through MyPortView which enabled brokers to have real-time conversations with immediate validation without needing to wait on the phone.

“By driving digitisation and automation, we’re able to better support brokers and improve the lending experience,” he said. “Our conversations with brokers and advisers only affirm that we’re doing the right thing to incrementally digitise legacy services. Early responses to the latest enhancements are pleasing and we’ll be continuing to focus on enhancing self-service capabilities, improving efficiency, reducing manual verification and further automation of the decisioning process in the coming months.”

O’Malley said AMP Bank’s investment was proving successful with brokers.

“Since the implementation of MyPortView in July, we have onboarded over 900 additional brokers with 27% new to the technology this year,” he said.

“The engagement shows that brokers and advisers are seeking to secure deals with fuller transparency, customer communications support and removing inefficiencies between intermediary and lender.”

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Hamish Crawford, Aussie Home Loans Stones Corner franchisee principal said MyPortView was a great addition to AMP Bank’s service proposition.

“It’s user-friendly and the new live chat functionality is proving to be a valuable timesaver for my office,” Crawford said.

AMP Bank has introduced other enhancements this year to increase engagement from its broker network. These include digital signatures (eSign) for loan applications, which the bank said had received a 50% uptake since June, along with the verification of identity (VOI) tool.

“Both eSign and the VOI technology make it easier to submit applications to AMP Bank and save brokers time and support faster turnaround,” O’Malley said.

“The improvements reflect feedback from brokers and advisers and support AMP Bank’s strategic objectives to enhance self-serve capability and increasingly digitise and automate the lending experience across our channels.”