New data from AMP Bank suggests that brokers and advisers are 50 per cent more likely to engage with lenders that offer digital tools that reduce ‘time to yes’ and the ambiguity around securing loans for customers.

AMP Bank’s recently launched broker portal tool MyPortView®, is innovating how lenders and brokers communicate, moving toward a comprehensive and real-time broker experience. The tool, developed by First Mortgage Services, 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.

The Bank has also seen increased uptake in the new chat functionality through MyPortView® which enables brokers to have real-time conversations with immediate validation, without needing to wait on the phone.

AMP Bank’s investment is proving successful with brokers. Since AMP Bank’s implementation of MyPortView® in July, over 900 additional brokers have been onboarded, with 27 per cent new to the technology this year. 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.

Other enhancements introduced by AMP Bank this year have also seen increased engagement by brokers and advisers. Digital signatures (eSign) for loan applications have received an uptake of 50 per cent since June, and the Bank’s verification of identity (VOI) tool, NextGenID, and is also becoming a valuable digital tool for brokers. Both eSign and the VOI technology make it easier to submit applications to AMP Bank, save brokers and advisers time, and support faster turnaround.

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 its channels.

Sean O’Malley, AMP Bank Group Executive said:

“Brokers are critical to connecting AMP Bank with customers looking to create wealth through property, and we’re committed to make it easier for them to work us.

“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.

“By driving digitisation and automation, we’re able to better support brokers and improve the lending experience. 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.”

Hamish Crawford, Franchisee Principal, Aussie Stones Corner said:

“MyPortView® is 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.

_{MyPortView® is a registered trademark of First Mortgage Services Pty Ltd.}