AMP Bank has partnered with financial technology company...

AMP Bank has partnered with financial technology company Simpology to develop a new home loan application process, aimed at providing a “superior broker experience”.

Simpology is a specialist in mortgage origination systems. AMP Bank said it will use the company’s latest technology to build a platform that “fast-track time to yes” and give greater visibility and certainty as applications move from submission to settlement.

The new process will include a fully digitised identification process, upfront verification of credit-critical data prior to submission and instant feedback in application data.

AMP reported earlier this month that the bank’s mortgage book fell from A$24.4 billion in the December quarter to $23.5 billion in the March quarter – an annualised rate of decline of 14.5 per cent.

It said it was managing its loan and deposit books to address margin pressures, but it has suffered a bigger runoff than most lenders dealing with current market conditions.

A more efficient broker process will help turn things around and reduce costs. The bank is also working on a digital small business offering and a more digitised consumer bank.