Heritage Bank has partnered with global information services company Experian to launch a new credit decision platform that will dramatically speed up loan processing times.
In a statement, the bank said the online tool would allow it to reduce the average appraisal time for standard home and personal loan applications from “around five business days to around one business day” through automatic approvals. for eligible loans.
The platform will also allow borrowers to submit loan applications and supporting documents online for faster processing.
Heritage Bank and Experian will work closely together over the next 12 months to deploy the platform. During the first phase of implementation, the bank said applicants will be able to obtain information on their borrowing capacity in as little as 10 minutes.
Peter Lock, CEO of Heritage Bank, said he was “excited” to implement the new platform “as it will streamline our lending process and make it faster and easier for everyone”.
“It will be a lot less tedious to load the application in the first place, and the assessment will also be much more efficient, so that we can get loans approved much faster,” he said.
Mathew Demetriou, managing director of decision making and analytics at Experian, said the tool was essential for businesses “as they transform their lending services to meet the evolving needs of their customers.”
“Today, the competition is strong and the customer experience is crucial,” he said. “Combining our data, technology and advice to provide a platform for Heritage is helping transform their business to meet customer demand safely and quickly. “
“The incremental approach to this important transformation reflects Heritage’s commitment to its clients, brokers and staff, enabling strong adoption of the highly effective lending platform.