AMP Bank has today announced the development of a digital mortgage for retail customers, leveraging FinTech Nano’s lending platform which will accelerate bringing a digital offer to market.
AMP Bank’s solution will offer a fully digital mortgage experience capable of providing an unconditional approval for a residential home loan within minutes, subject to the customer’s circumstances.
Nano is an Australian FinTech leading the transformation of the home lending market. Since 2021, Nano has been offering a digital mortgage under its own brand, which brings experience and insight into customer behaviour.
AMP Bank’s digital mortgage will utilise Nano’s digital mortgage platform but be funded and offered by AMP Bank.
The offer will launch in Q3 2022 for new retail, direct-to-bank customers initially through an invitation only release, followed shortly thereafter to the Australian market.
AMP Bank is investing to enhance the lending experience for customers with a focus on digital technology.
Leveraging Nano’s digital capability and its focus on innovating the mortgage origination process supports AMP Bank becoming a technology-enabled digital bank.
Sean O’Malley, AMP Bank Group Executive said:
“Customers increasingly need home loan application approvals at pace, to match the fast-moving nature of the real estate market.
“Through our digital mortgage offer, we’ll reduce the time to unconditional approval for a residential home loan from days to hours, and in many cases, minutes.
“A fully digital mortgage offer will enable AMP Bank to better help customers achieve their home ownership aspirations, whether it is a home to live in or an investment property.
“By leveraging Nano’s market-leading platform we are embracing speed to market and the agility afforded by the partnership. It allows AMP Bank to accelerate its focus on growth through digitising customer experiences.
“The development of a digital home loan reflects AMP Bank’s ongoing strategic investments in digital technology to simplify and improve customer and intermediary experience.”
The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517.