Beyond Bank achieves digital transformation milestone with NextGen

Beyond Bank, one of Australia’s leading mutual banks, has reached a major milestone in its ongoing digital transformation journey, thanks to its partnership with NextGen, a leader in digital lending solutions. The collaboration, initiated in June 2022, has resulted in the successful implementation of a comprehensive, end-to-end solution for all channels, enhancing efficiency, automation, and the application process. Beyond Bank’s commitment to technological innovation is further demonstrated by its dedication to providing brokers and borrowers with an exceptional lending experience.

Nick May, General Manager of Customer Experience of Beyond Bank, expressed his enthusiasm about the digital transformation project, saying, “Our collaboration with NextGen has allowed us to take a significant step forward in modernising our operations. The new ApplyOnline^® platform, now fully integrated with our systems, offers an unparalleled home loan application experience for our brokers and borrowers. We are thrilled to provide our customers with a seamless, efficient, and user-friendly lending experience.”

Mike Ponsonby, Head of Lender Partnerships at NextGen, also commented on the partnership, saying, “Beyond Bank’s commitment to innovation and their dedication to providing a superior lending experience is exceptional. We are proud to be part of their digital transformation journey, and our market-leading ApplyOnline platform is designed to cater to the needs of all lenders, regardless of size or type.”

Already well established with NextGen’s ApplyOnline platform for electronic lodgement for the third-party channel, NextGen has now delivered an end-to-end, harmonised mortgage origination and assessment experience for both first and third-party channels. This includes more digital service enhancements for brokers and a more efficient loan application process for Beyond Bank staff and ultimately the borrowers. Maximising automation and fully integrating NextGen’s latest products, this signifies a significant advancement in Beyond Bank’s digital transformation project.

“Beyond Bank’s integration with NextGen is a remarkable achievement. Beyond Bank is now among the most integrated customers of NextGen, benefiting from a range of tools and services within the ApplyOnline platform. This integration ensures seamless processing, whether the loan is created by a broker or banker, from application to settlement, which ultimately means a better home loan journey for Australian borrowers,” says Ponsonby. “We look forward to supporting Beyond Bank in their future phases of this exciting project”.

Beyond Bank joins a growing number of lenders utilising the new version of the ApplyOnline platform, ensuring a faster, smarter home loan application experience for mortgage brokers. This experience includes the availability of ApplyOnline ‘eSign,’ in addition to several other new tools adopted by Beyond Bank since the project’s inception.

NextGen has also delivered ApplyOnline in all Beyond Bank branches nationwide, as well as in their national contact center. Beyond Bank staff can now benefit from ApplyOnline’s inbuilt application tools, including NextGenID^® for instant digital verification of applicant identification and streamlined valuation ordering. With these tools in place, Beyond Bank is poised to drive the highest quality applications from the start and reduce reworks for faster time to yes.

Beyond Bank also adopts NextGen’s loan processing platform for mortgages across all channels. These technology solutions are now fully integrated with all of Beyond Bank’s proprietary systems and third-party integrations, ensuring comprehensive credit reporting, title search with Equifax, and FMS for settlement. Beyond Bank will also use ApplyOnline’s credit decision engine for applications across all channels, further expediting the assessment and approval process.

Beyond Bank’s partnership with NextGen has significantly enhanced both business operations and customer experiences. Implementing NextGen’s ApplyOnline platform for electronic lodgment and loan processing has established an efficient and streamlined lending process for brokers and borrowers. This underscores Beyond Bank’s commitment to investing in technology to provide the best lending experience, with a strong focus on improving turnaround times.

The NextGen ApplyOnline solution, recognised as the market leader for electronic lodgment and loan processing, caters to all lenders and a wide range of product types in the lending market. The next phase of the project will include the adoption of ApplyOnline for personal loans and credit cards, followed by commercial lending and post-settlement variations.

Beyond Bank’s collaboration with NextGen emphasises their dedication to providing an exceptional lending experience and driving operational efficiency through advanced technology.