Campbell Smyth is CEO of non-bank lender Bluestone and says using a more personalized approach coupled with the latest technology can actually speed up the approval process.
Smyth says Bluestone can give same-day conditional approvals and their median time from request to unconditional approval was 14 days for the last quarter. The approach saw 25 percent growth for Bluestone over the same period, he said.
âThe biggest gripe brokers have about traditional lenders is not just their slow turnaround times, but their complacency with approaching the problem,â says Smyth.
âWe’ve prioritized the concept of making sure we have a great customer experience overall. Fast turnaround times and investments in delivery systems and processes that are part of our philosophy of seeing customers as our partners.
The lender also recently stepped up its approval process, spending $ 8.5 million on a new digital lending platform to speed up loan turnaround times.
Working closely with cloud banking provider SaaS, Mambu, and cloud provider, Amazon Web Services, Bluestone’s digital lending platform aims to streamline the home lending process, delivering better results. brokers and borrowers.
âBrokers can now benefit from a range of features that include automated validation of application information, real-time status updates and automated reviews for most loans,â says Smyth.
âIn addition to the future-ready platform that dramatically streamlines the underwriting and settlement process, we have also introduced a brand new online banking platform, which among other things allows customers to make online payments. real time from their loan account. “
Bluestone’s CTO Jason Barry said construction on the new platform began with customer needs in mind.
âWe looked at the loan creation journey from start to finish, automating what can be automated, removing task from the process and ensuring we have accurate and timely reporting throughout the lifecycle. loan application, âBarry explains.
When there’s a deadlock in the process, instead of the app lying around in someone’s inbox for weeks or even months, Bluestone’s lending platform team is easily on the line. able to identify and unblock any problem.
âWe have telemetry data available across our platform, which means we see everything going on and any issues, any potential delays that put our deadlines at risk, are automatically flagged, which allows us sort and correct in minutes rather than hours or days. ” he says.
âIt’s not a technological challenge. This is a customer challenge. Therefore, we need to start with a deeper understanding of our customers, their needs and design our systems and experiences around their requirements and not the other way around. “
Barry says this customer-centric approach is also personally rewarding for him and his team. “Ultimately, it’s about bringing more Australians into their homes, faster, and making sure they have as smooth an experience as possible throughout the mortgage lending process.”
Broker Bennett says Bluestone’s approach to customer service is âphenomenalâ.
âThe new currency in the world we live in is time. Everyone wants things to be done yesterday, âsays Bennett.
âSo when we’re able to recommend a lender and get a loan in 24-48 hours, that gives us incredible confidence and it also gives the client confidence in what we’re doing. “
To learn more about Bluestone home loans, visit www.bluestone.com.au.