In a bid to capture a portion of the growing digital lending market, AMP Bank announced a partnership with fintech Nano in developing a digital mortgage for retail customers.

With the partnership, AMP Bank aims to provide potential clients with unconditional approvals for residential home loans within minutes.

AMP Bank group executive Sean O’Malley said this is in response to the modern-day borrowers’ need for quick approvals, which is in line with the fast-moving nature of the housing market.

“Through our digital mortgage offer, we’ll reduce the time to unconditional approval for a residential home loan from days to hours, and in many cases, minutes,” he said.

“A fully digital mortgage offer will enable AMP Bank to better help customers achieve their home ownership aspirations, whether it is a home to live in or an investment property.”

AMP Bank’s digital mortgage is being developed using Nano’s digital mortgage platform and will launch in Q3 2022 for retail and direct-to-bank customers on an invitation-basis. It will be open to public shortly.

Mr O’Malley said AMP Bank’s partnership with Nano allows it to accelerate its focus on growth through digitising customer experiences.

“The development of a digital home loan reflects AMP Bank’s ongoing strategic investments in digital technology to simplify and improve customer and intermediary experience,” he said.

AMP rolls out eSign

In March, AMP Bank launched digital eSignatures for loan to allow customers sign their application form and borrower interview guide online.

Powered by NextGen and First Mortgage Services, this feature will complement the electronic signing functionality already available for loan documents.

“The technology reflects AMP’s ongoing strategic investments to enhance AMP Bank’s systems, and commitment to further reduce loan approval times and increase home loan origination capacity, which increased by 70% last year,” Mr O’Malley said.

Meanwhile, AMP Bank has also started to make use of Comprehensive Credit Report functionality.

The Comprehensive Credit Report Access Seeker service by Equifax and NextGen will be able to provide upfront visibility of customer liabilities without affecting the borrower’s credit file.

AMP Bank’s application portal will be able to flag information missing from an application with this service, allowing their clients to submit more accurate and complete applications.

This follows the improvements to AMP Bank’s auto credit decisioning engine, which already recorded a 75% enhancement in its automated decisioning rate.