AMP Bank introduces new ID verification tech for home loans

AMP Bank has introduced facial recognition technology from NextGen to verify customers applying for a home loan through a broker or adviser as part of ongoing efforts to digitise and automate lending.

The bank has also introduced new valuation technology to further streamline the home loan origination process, which it said would save brokers and advisers time and support faster turnaround times.

An embedded verification identity (VOI) tool lets borrowers complete the verification process in two minutes via their mobile, without the need to authenticate and submit ID documents.

The ‘NextGenID’ verification identity (VOI) tool uses biometric technology such as facial recognition and phone-based document scanning

The feature is also directly embedded within AMP’s ‘ApplyOnline’ application portal which also recently introduced e-signatures for loan applications.

Brokers will also now be able to order or find valuation reports within ‘ApplyOnline’ and CoreLogic’s Property Hub, following the introduction of NextGen’s ‘Broker-Ordered Valuations’ service.

This gives brokers access to clients’ applications and valuations in the same portal.

The bank expects the smoother management and tracking of a client’s application will accelerate the ‘time to yes’ decision.

The release of the these verification and valuation technologies follows AMP Bank’s decision to launch a digital mortgage offering for retail customers later this year.

AMP Bank is working with Australian fintech Nano to accelerate the digital mortgage platform to offer home loan approvals within minutes.

AMP Bank group executive Sean O’Malley said brokers “are critical” to linking potential home buyers to the bank, and the bank is “committed” to providing “enhancements to help make it easy for brokers and advisers to work”. 

“Our focus is ensuring AMP Bank continues to deliver fast and consistent service to support customers to put their best foot forward in the property market,” O’Malley said.

“The latest VOI and property valuation technologies streamline the process of applying for a home loan, saving brokers time, and reducing ‘time to yes’ for customers.”

O’Malley added AMP Bank’s continued digital investments “enable us to further simplify and improve the lending experience, supported by people, process and technology enhancements.”

“Investment in digital capabilities is a key enabler of AMP Bank’s strategy to grow its share of the home loan market as a tech-enabled challenger bank.”