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The update includes improved valuation functionality, enhanced document management, and a refreshed experience across desktop and mobile devices.
Firstmac has also expanded automated communications, providing brokers with more timely updates throughout the life of an application.
The release forms part of Firstmac’s ongoing investment in its technology, automation, and AI capabilities, with the lender continuing to develop digital tools aimed at improving application processing and visibility.
Firstmac CEO Marie Mortimer said the aim of the enhancements was to make for a more seamless process when dealing with Firstmac.
“Broker Tools is what brokers see, but it’s part of a much broader investment we’re making in technology and AI across the business,” Mortimer said.
“The goal is simple: faster processing, better visibility of applications and an easier experience for brokers and their customers.”
Mortimer said the lender’s technology investment was also focused on improving communication throughout the lending process.
“Brokers want certainty, responsiveness and clear communication,” she said.
“Our investment in technology is helping us deliver all three, while making sure brokers still have access to experienced people when they need support.”
The latest Broker Tools release is available to all accredited Firstmac brokers.
“We’ll keep investing in technology and our people to make Firstmac faster, simpler and easier to deal with,” Mortimer said.
A developing space
Firstmac joins an ever-greater number of lenders that are investing in technology to streamline applications, enhance automation, and strengthen their credit decisioning processes.
Some lenders, such as non-banks Skip and OwnHome, have recently partnered with technology platform NextGen to implement the ApplyOnline platform, while others have been building technology in-house.
Bankwest has recently enhanced its broker portal and launched Digital ID Check, as well as improving operational performance through initiatives like upfront valuations, DocBox Check, and faster contract issuance.
AMP Bank has also rebuilt its lender experience “from the ground up”, embedding income verification, digital ID, and key policy checks upfront.
Non-bank lender Brighten has also enhanced its broker portal through improved dashboard functionality and an AWS telephony platform with AI-driven quality assurance capability.
In its annual results, Commonwealth Bank of Australia also laid out its progress and plans in technology development.
[Related: Lenders race into AI, but data readiness lags]
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