National Australia Bank (NAB) has unveiled a new personal banking origination platform that will reduce the processing times of personal loan and credit card applications.
The platform, developed in conjunction with technology provider Oracle, is part of the NextGen IT transformation project at the bank that is being carried out for several years.
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The national rollout of the origination platform is scheduled to be completed by the end of 2016.
The launch follows a successful pilot of the platform in 2015 in contact centres and branches in the Northern Territory and South Australia.
NAB executive general manager of core banking Steve Collier said: "NAB’s Personal Banking Origination Platform has reduced credit card application times to just seven minutes.
"For our bankers, we’ve streamlined processes by reducing the number of clicks to complete a loan application from 250 down to 50, which significantly reduces errors and improves turnaround times."
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