As part of its continuous attempts to digitise and automate lending, AMP Bank has implemented facial recognition technology from NextGen to authenticate customers seeking for a home loan through a broker or adviser.
The bank has also implemented new valuation technologies to help improve the house loan origination process, saving brokers and advisors time and allowing for speedier turnaround times, according to the bank.
Borrowers can complete the verification procedure in two minutes using an embedded verification identification (VOI) programme on their phone, eliminating the requirement to validate and submit ID documents.
Biometric technology such as facial recognition and phone-based document scanning are used in the ‘NextGenID’ verification identification (VOI) tool.
The technology is also integrated into AMP’s ‘ApplyOnline‘ application system, which recently included e-signature support for loan applications.
“Our priority is to ensure that AMP Bank continues to provide rapid and consistent service to help customers put their best foot forward in the property market,” said O’Malley.
“The latest VOI and property valuation technology simplify the home loan application process, saving brokers time and lowering the ‘time to yes’ for customers.”
AMP Bank’s continuous digital investments, according to O’Malley, “allow us to further simplify and improve the loan experience, aided by people, process, and technology advances.”
“As a tech-enabled challenger bank, AMP Bank’s goal to grow its share of the home loan market as a tech-enabled challenger bank, investing in digital capabilities is a major enabler.”
