The chief executive of a non-bank lender in the midst of a complete digital transformation has said that while brokers are already benefiting from the group’s efforts, it’s only the beginning.
CEO Scott McWilliam explained Resimac‘s ongoing project, scheduled for completion in FY22, will provide a “richer experience” for customers and brokers alike.
“Our strategic partnerships will enable us to deliver a market-leading customer experience and innovative financial solutions in a way that is scalable and sustainable,” McWiliiam said.
“This transformation gives us the flexibility and capabilities of a neobank, but with a home loan portfolio approaching $13bn combined with the proven track record of a non-bank lender that has been in market since 1985.”
As for brokers, Resimac’s transformation into a digital non-bank will facilitate a “seamless broker experience”.
“Applicant data input, status reporting and commissions will all be managed from the one platform, along with integration with Nextgen and Equifax,” McWilliam said.
“While the project is slated for completion by FY22, brokers have already benefited from several digital features introduced earlier this year, including digitally-enabled loan documentation and e-signatures, electronic identity verification services (including credit checking and fraud checking), and document upload capabilities.”
Resimac has partnered with Infosys to transfer its core system to the cloud-based Finacle banking solution, helping support the digitisation of the group’s home loan customer experience and supporting Resimac’s growth into asset finance lending following the recent acquisition of IA Group.
The lender’s existing origination platform will be replaced by Loanworks, providing integration with credit decisioning technology from Equifax, as well as the digital application submission platform NextGen.Net – all of which should “significantly improve” loan application response times and provide increased scale benefits and cost efficiencies.
The new platforms are on track to be fully operational by FY22, and complement recent digital initiatives including the introduction of digital loan documents.