- Defence Bank rolls out a strategic partnership with Cloudcase Software Solutions.
- Personal lending shows loan application to approval process paperless and in minutes.
- Successful implementation delivers 25% increase in personal/car loan fundings in the first three months of launch.
- Further rollout out across home loans, credit cards and overdrafts to follow.
Defence Bank has announced the next stage of its people-led, technology-enabled strategy with the further rollout of a digital personal loan solution which slashes the time it takes from loan application to approval and funding.
Defence Bank CEO David Marshall says the adoption of the Cloudcase digital solution is an exciting collaboration which will soon be extended to home loans, credit cards and overdrafts, following positive feedback from both members and the Defence Bank team.
“Our pilot on personal loans revealed a completely paperless digital solution providing approvals within 30 seconds and funding within 20 minutes where members had all necessary documentation”.
“This is another great example of Defence Bank investing in its digital capability to make it easier for members and for our staff to serve our members better.
“We are delighted with the success of the program which informs our members via text and email notifications from application to approval and funding.
“We will now extend it across our entire loan origination, with mortgages and credit cards set to roll out in the following months.
“The collaboration with Cloudcase puts Defence Bank on a very strong footing. It has delivered a better member experience by reduced member effort through frictionless banking and increased personal lending fundings by 25% over the last 3 months.
“What sets us apart is our unwavering commitment to serve our members and reduce the effort required to bank with us. Our strategies are all about people leading the way, backed by technology that enables a better member experience.
“Defence Bank is committed to continuous improvements that reduce Member effort and allows our team to deliver even better member care and service.
“Not for the first time, Defence Bank is at the forefront of digital investment and adoption.
“We were early adopters of Apple Pay and Google Pay, the New Payments Platform and developed an award-winning and highly rated banking app that rates 4.8 in the Apple and Google Play stores. We will continue on this pathway with further investment, training and deployment of technology that meets evolving member needs.”
“Investments and relationships like these should go some way to dispel the myth about bigger banks always being better digitally. Our new digital loan application allows us to offer a comparable and in many ways more compelling service.
