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The entire platform was developed over the last 18 months, in consultation with brokers, and has leveraged partnerships with various tech providers.
Unveiled at a launch event on 30 July, some of the innovative features include:
- Ninety-second loan docs to brokers and customers (almost always)
- Income verification before submission
- Expenses verified before submission
- Seamless identity verification
- Real-time credit and decisioning rules before decision
- Instant personalised customer video with key contract details and settlement guidance
- Single-file ownership
In particular, the verification of documents pre-submission is what sets this platform apart, with AMP describing it as an industry-first.
Aggregator Connective currently has the platform live and available to its brokers.
Other aggregators are currently in the pilot phase and will have the platform rolled out from 14 August.
Michael Christofides, AMP Bank’s director of lending and everyday banking, said that the platform provides the best tech in market packaged up intuitively for brokers.
Brokers are at the centre of the experience and will be supported long-term, he said.
The platform hasn’t been developed completely in-house. AMP emphasised the importance of partnering with others in industry for data, digitisation, AI, and automation, leveraging expertise to create the broker solution.
Simpology created a custom version of Loanapp for the platform to verify data fast.
MSA National is the settlement partner, which has allowed for loan document issuing in 90 seconds.
Fortiro is helping automate financial document review and conduct fraud checks. It is also making the income verification pre-submission a reality.
Equifax Verification Exchange is helping streamline income and employment verification. The partnership is assisting AMP Bank in its mission to completely digitise the loan process.
And Cotality (formerly CoreLogic) will integrate its data tools into the brokers’ workflow, giving them access to real-time property data.
Each of the partnerships aims to speed up the process and provide a better experience for both brokers and their clients.
Chris Wagner, head of broker at Cotality, said this platform sparks the possibility of deeper collaboration and continuous innovation.
“With AMP’s strong commitment to the third-party channel and roll out of smarter, more integrated technologies, brokers are positioned to deliver faster, more accurate, personalised service to their clients,” he said.
Wagner said the partnership opens the door for further partnerships and “greater possibilities.”
Gathering broker feedback
AMP Bank conducted a pilot program, beginning 27 May, where 50 brokers were given hands-on time with the platform to provide feedback and iron out issues pre-launch. This was an expansion of a previous pilot.
The lender said broker feedback has been crucial in the development of the broker platform.
This has been an ongoing theme with recommendations making way for 10-year interest-only loans and self-employed policy, which were built off the feedback of brokers.
James Brett, principal broker of Truly Finance, was part of the pilot program and provided some insight into the platform.
He said that while it can take a couple of tries to get used to, after the third or fourth submission, it feels far more intuitive. He encouraged brokers to “have a crack”.
“What AMP really wanted to create was a world where the broker and the assessor are truly working together on a deal and that’s what they’ve created,” commented Kate Gubbins, founder and CCO of Simpology.
[Related: AMP Bank gathers broker feedback for new digital platform rollout]
