Celebrating a milestone: NextGen and BankVic’s partnership

On 24 July 2024, we had the pleasure of co-hosting an event with BankVic to celebrate not only our successful collaboration but also a significant milestone—the launch of our ApplyOnline^® loan origination and processing platform for BankVic’s retail and broker channels.

This partnership represents a shared commitment to enhancing the experience for BankVic members, driving digitisation, and streamlining processes for better borrower outcomes.

The Event: A Celebration of Success and Collaboration

The evening was a celebration of a successful two-year project between BankVic and NextGen, marking a significant transformation in BankVic’s operations and member experience.

The collaboration led to a radical digital transformation that improved the efficiency of BankVic’s mortgage processing for their retail channel, launched their broker business, and expanded its reach beyond Victorian borders.

Mike Ponsonby, Head of Lender Partnerships at NextGen, highlighted the significance of this partnership for NextGen, stating, “BankVic has been an incredible partner, and this go-live milestone is a reflection of the hard work and dedication from both sides. We’re proud to see our technology making a real difference, and we look forward to continuing this journey together, delivering even more value to BankVic and its members.”

The Impact: Transforming the BankVic Member Experience

The introduction of the ApplyOnline marks a significant step forward for BankVic and has already begun to transform the member experience, reducing the time it takes to approve loans and improving the overall efficiency of the lending process. This transformation is particularly timely given the increasing volumes of home loans, a challenge that BankVic is now well-equipped to manage with ApplyOnline from application through to settlement.

Our end-to-end solution not only streamlines the application process but also enhances BankVic’s processing and decision-making capabilities, allowing them to serve their members more effectively.

Key achievements include:

• Processed over 200 applications through the broker channel in the first year.
• Nominated for an industry award as the best mutual in Victoria and Tasmania.
• The transition of all lenders onto the same platform, enhancing efficiency and consistency in processes.

The partnership has resulted in a remarkable transformation, enabling BankVic to meet increased demand, reduce errors, and improve member experience by automating and streamlining processes.

At the event, key stakeholders in the project acknowledged the hard work and dedication of both the BankVic and NextGen teams in achieving these milestones, highlighting that this success marks just the beginning of continued growth and improvement.

Looking Ahead: A Promising Future

As we look to the future, we’re excited about the possibilities that lie ahead. Our partnership with BankVic has set the stage for continued innovation and sustainable growth, and we’re committed to supporting them into the future as they navigate the evolving landscape of the lending industry.

We’re incredibly proud of what we’ve achieved together so far, and we’re confident that this partnership will continue to deliver exceptional results.

Thank you, BankVic, for your trust and partnership. The future is bright!

Watch the Event Highlights