BankVic, a member-owned mutual bank, has embarked on a digital transformation journey to streamline and automate its home loan process, aiming to provide a more seamless experience for its customers. By partnering with NextGen and utilizing its ApplyOnline platform, BankVic aims to reduce approval times, enhance processing efficiency, and expand its offerings to the market.
NextGen’s Technology Solutions
BankVic has chosen NextGen as its technology partner for retail and broker application lodgement, extending through processing and approvals. The bank will leverage NextGen’s core platform, the digital identity verification service ‘NextGenID,’ and the Access Seeker Credit Report service.
BankVic’s CEO, Anthony De Fazio, believes that this strategic partnership with NextGen will significantly improve the bank’s lending processes, ultimately providing members with a straightforward home loan journey. The automation and digitization of processes are expected to reduce the time required for loan approvals, leading to a more efficient experience for members, bank staff, and brokers.
Expanding Market Reach
With the implementation of this digital platform, BankVic aims to expand its presence in the broker market while supporting its growth ambitions in personal lending and car finance. De Fazio emphasized the bank’s commitment to leveraging technology to enhance member experiences and deliver valuable services to communities.
BankVic’s move to digitize and automate its home loan process demonstrates its dedication to improving customer experiences and streamlining operations. By adopting NextGen’s technology solutions, the bank aims to not only reduce approval times but also increase its market footprint and support its growth initiatives in various lending sectors.
