BankVic has announced a new partnership with leading technology provider NextGen to streamline its lending process to provide a better experience for its members.

With increasing volumes of home loans, BankVic is introducing NextGen’s ApplyOnline platform to make applying for home loans easier, reduce the time it takes for loans to be approved and improve the bank’s processing and decisioning capacity. BankVic has selected NextGen as their technology partner for retail and broker application lodgement right through to loan processing and approval.

“The NextGen solution will enable BankVic to streamline and improve lending processes, providing members with a straightforward home loan journey,” said Anthony De Fazio, Chief Executive Officer at BankVic.

“By automating and digitising our processes, this partnership will transform BankVic’s home lending process and reduce time to approval. This will also provide more options across the market to access BankVic’s home loan offers – a better experience for members, our people and brokers.

“It’s part of our strategic transformation across all parts of BankVic’s lending business. Technology is key to delivering straightforward and streamlined experiences for our members. And we’re passionate about the potential that technology and our teams have to deliver valuable services to our members and their communities.”

BankVic will utilise all of ApplyOnline’s inbuilt tools from point of sale including the digital verification of identity service, 'NextGenID', and the Access Seeker Credit Report service. They will also partner with NextGen to support their open banking needs.

NextGen Head of Lender Partnerships Mike Ponsonby says NextGen is excited by the new partnership.

“I think we had the runs on the board, given our extensive relationships across more than 60 lenders in Australia, as well as our broker group partnerships,” Ponsonby said.

BankVic's partnership with NextGen will deliver a more streamlined experience for existing BankVic brokers and offer increased distribution capabilities, enabling BankVic to expand their footprint in the broker market. Product diversification will also be important and NextGen will support personal lending and car finance as well.

“It’s a very exciting time for mutual banks who really want to transform their capabilities that they offer their customers and the processes they have,” Ponsonby said.

“BankVic will be well placed for open banking enablement in 2023. They really wanted to future-proof the business, to modernise and re-think the way they do things, and make their processes best from a technology point of view, rather than get technology to fit old processes.

“NextGen and BankVic are both very innovative in our approach to developing solutions, and this is a great foundation for a really strong partnership.”

De Fazio says it will deliver a solution that will change the way BankVic’s members and people experience the home loan journey.

“BankVic is 100% owned by our members, and we’re constantly evolving with a focus on the fundamentals that provide value back to members,” De Fazio said.

“We are one of the first mutual banks to take full advantage of the application, workflow and decisioning capability that NextGen offers, putting our members’ experience front and centre.”

Electronic lodgement via ApplyOnline is now available for BankVic’s broker partners.

NextGen is committed to supporting the mutual banking sector and will shortly be announcing another major mutual bank partnership.  

NextGen.Net Pty Ltd (NextGen) is Australia's leading technology solution provider to the lending industry, focused on delivering quality products and services to a range of banks, non-bank lenders and brokers. Our mission is to make lending easy. We deliver best-in-class Software as a Service (SaaS) and lead the Australian market in quality management, compliance and processing efficiencies for loan applications.