AMP : Bank halves turnaround times for loan increases, launches streamlined application process

AMP Bank has launched a digitally enhanced application process for customers seeking to increase the size of their home loan.

Turnaround times are now twice as fast since AMP Bank delivered its initial enhancements to loan increases in March this year.

The new process enables quicker response times for brokers and customers, and faster time to approval.

The enhancements in ApplyOnline® make the application process simpler and utilise system integrations with valuations and LMI to improve the application response time.

AMP Bank's deployment of FASTRefi® has also seen customers receive their funds three times faster, compared to a standard refinance process once customers' documentation has been returned.

In addition, AMP Bank has unlocked faster turnaround times through its partnership with CoreLogic, with new types of digital valuations helping to enhance the process and improve the experience for brokers and customers. In the past three years, AMP Bank has reduced its average turnaround time across all valuation types by ~40%, by optimising its digital valuation mix.

Over 60% of AMP Bank's property valuations this year were completed by CoreLogic's automated valuation model (AVM) or its digital desktop tool. As a result, AMP Bank is seeing some customers receive a response on their valuation almost instantly with AVM, and it's increasingly within an hour for the desktop approach. AMP Bank has recently initiated a pilot of CoreLogic's SMARTval capability, which continues its investment in digital tools to improve turnaround times for short form valuations.

AMP Bank continues to invest in ongoing digitalisation and automation to improve customer and broker outcomes as it drives strong relationships with its broker partners.

Sean O'Malley, Group Executive AMP Bank said:

"The digitally enhanced home loan increase application enables quicker response times for brokers and customers.

"With our latest enhancements, brokers should start to notice faster response times when applying for a home loan increase, and an improved online experience which makes applications easier and faster for brokers to submit.

"We're focused on embedding a digital-first service experience, and having the right technology in place to support our brokers and deliver for customers is critical.

"AMP Bank continues to invest in its home loan processing technology, and we are committed to delivering a strong service experience across our channels."

ApplyOnline® is a registered Trademark of NextGen.net Pty Ltd

FASTRefi® is provided by First American Title Insurance Company of Australia Pty Limited ABN 64 075 279 908 Australian Financial Services Licence 263876, trading as First Title, an Australian general insurance company authorised by the Australian Prudential Regulation Authority.

The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517.