Streamlining home loans: NextGen’s NextGenID cuts processing time by 25 percent

NextGen, Australia’s premier lending technology solution provider, has announced that brokers and lenders who use the latest digital services within the ApplyOnline^® platform are experiencing substantial efficiency gains with faster approvals on home loan applications.

Insights reveal that applications utilising NextGenID^®, the digital Verification of Identity (VOI) service, can result in a 25 percent reduction in time to approval and up to four days faster processing time for home loan applications.

This significant reduction in processing time underscores the power of third-party integrated tools available free of charge to brokers within ApplyOnline. NextGenID reduces missing information requests (MIRs) issued by the lender and enables successful fulfillment of the identification process. This in turn drives faster approvals from lenders.

“Lenders recognise the immense value of NextGenID in expediting mortgage approvals and enhancing customer satisfaction,” said NextGen Head of Lender Partnerships, Mike Ponsonby.

“Our mission is to empower brokers and lenders with cutting-edge tools that elevate the home buying experience and make lending easy. When lenders are working hard to drive productivity gains and cost reductions across the mortgage value chain, a service like NextGenID is enabling material outcomes.”

NextGenID offers biometric, document, and data verification in real-time, completely digitising the administrative process of collecting and verifying a mortgage applicant’s identity to meet lenders’ Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements.

The NextGenID service is integrated within the ApplyOnline application. While reducing time and effort for brokers, it also offers a simple and smooth digital experience for customers, enabling them to complete their ID requirements at any time online, and reducing friction for those looking for a smooth home loan application journey.

NextGen has observed a 25 percent increase in NextGenID usage over the last two months, with one lender receiving one-third of applications with NextGenID verification.

Lenders enabling the NextGenID service for brokers in ApplyOnline and recommending its use for all home loan applications include AMP, Bank of Queensland, Bendigo Bank, Beyond Bank, BankVic, CBA, Great Southern Bank, Macquarie, Resimac, Thinktank, Pepper Money, St.George, Westpac, and Virgin Money Australia.

Through their dedicated ApplyOnline training program, NextGen has also discovered that many brokers were unaware that digital services within the platform, including NextGenID, the Access Seeker Credit Report service, ApplyOnline eSign, and open banking services, were available free of charge.

These invaluable services streamline administrative tasks and empower brokers to devote more time to assisting their clients, ultimately enhancing the overall customer home-buying experience.