Technology provider NextGen is to streamline the lending process and provide a better experience for BankVic members.
With increasing volumes of home loans, BankVic is introducing NextGen’s ApplyOnline platform to make applying for home loans easier, reduce the time it takes for loans to be approved and improve the bank’s processing and decisioning capacity.
“The NextGen solution will enable BankVic to streamline and improve lending processes. This will provide members with a straightforward home loan journey,” said Anthony De Fazio, CEO, BankVic.
“By automating and digitising our processes, this partnership will transform BankVic’s home lending process and reduce time to approval. This will also provide more options across the market to access BankVic’s home loan offers. It means a better experience for members, our people and brokers.
“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.”
NextGen to support personal loans, auto finance
BankVic will utilise all of ApplyOnline’s inbuilt tools from point of sale including the digital verification of identity service, ‘NextGenID‘, and the Access Seeker Credit Report service. It will also partner with NextGen to support its open banking needs.
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“I think we had the runs on the board, given our extensive relationships across more than 60 lenders in Australia, as well as our broker group partnerships,” said NextGen Head of Lender Partnerships Mike Ponsonby
The deal also enables BankVic to expand its footprint in the broker market. Product diversification will also be important and NextGen will support personal lending and car finance as well.
“It’s a very exciting time for mutual banks who really want to transform their capabilities that they offer their customers and the processes they have,” Ponsonby said.
“BankVic will be well placed for open banking enablement in 2023. It really wants to future-proof the business, to modernise and re-think the way it does things.”
Known as the bank for police, emergency and health workers, BankVic rebranded from Police Credit Cooperative in 2013.
Founded in 1974, BankVic serves 120,000 members and has A$3bn in assets.