NextGen announces report on the next wave of digital transformation impacting Australian lending

Australian lenders are on the cusp of a transformative technological shift that will fundamentally change how loans are processed, approved, and serviced, according to a new independent report released today. “Second generation technology: Banking on the next transformation,” published by the thought leadership division of The Australian Financial Review and commissioned by NextGen, reveals how advanced technologies like AI are creating unprecedented opportunities to revolutionise the banking experience.

The comprehensive independent report examines how generative artificial intelligence (AI) and quantum computing are propelling the next generation of digitisation in Australian retail banks – creating new opportunities for lenders to enhance their service offerings across all channels, from online mortgage applications, and digital document and ID verification, to reducing loan processing times.

The launch of the white paper coincides with NextGen’s participation as a Gold Partner at this year’s AFR Banking Summit being held today in Sydney.

“The AFR Intelligence report confirms what we’re seeing across the lending landscape – advanced technology is dramatically reshaping how financial institutions process loans and interact with customers,” said Carn. “Our ApplyOnline^® solutions sit at the forefront of this evolution, enabling lenders to streamline operations, extend digital capabilities across complex transactions, reduce processing times, and ultimately deliver the immediacy that today’s consumers expect.”

The independent report reveals that financial institutions face significant challenges integrating new technologies with legacy systems. NextGen’s solutions address these pain points by providing a comprehensive loan processing platform that facilitates digital applications, enables ID verification, and streamlines information sharing across the entire lending ecosystem.

Key findings from the research highlight how technology is transforming loan processing capabilities, with one case study demonstrating how NextGen’s platform enabled Beyond Bank Australia to reduce loan approval times to between 24 and 48 hours while saving an estimated 300,000 pieces of paper annually – creating significant competitive advantages through improved efficiency and customer experience.

NextGen will be discussing the implications of these findings for the lending industry during the AFR Banking Summit, where Tony Carn will participate in the panel discussion “Future ready? Embracing the core”. The panel will explore how financial institutions are balancing innovation and stability as they modernise their core systems to meet evolving borrower expectations and create more efficient lending processes.

Access the “Second generation technology: Banking on the next transformation” report.

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