- Defence Bank continues to invest in digital with the launch of a new home lending origination platform and experience for home loans.
- Digital home loan experience builds upon successful launch and uplift in personal lending for Australian Defence Force (ADF) members.
- Tailored technology investment continues to support the bank’s focus to be the bank that understand defence life.
- Defence Bank is achieving 9% year-on-year total lending growth and record funding months without using brokers and by building its own digital channels.
Defence Bank has announced the rollout of a digital home loan solution which slashes the time it takes from application to approval and funding.
The introduction of the new home lending platform, powered by Cloudcase, is part of a whole lending ecosystem revamp, which doesn’t just focus on technology but also the processes, procedures, and capabilities of the Bank.
It follows the successful implementation of the same platform for personal loans in late 2022, which saw an 18% increase in car and personal loan fundings for members of Defence Bank.
The Cloudcase platform provides full direct integrations by API with a number of our key vendors such as our core banking provider, lenders mortgage insurer and valuers, which further streamlines the process.
“As a modern bank that understands the unique life the men and women of the ADF lead, it was important to ensure we could deliver a fast and convenient lending experience for our ADF members. We therefore took considerable time to recognise and incorporate into the platform the specific pay and entitlements members of the ADF are eligible to receive.
“Our strategy of investing in our people and technology is delivering for our members and staff,” Defence Bank Acting Chief Executive Officer Marnie Fletcher said.
“Our members have also commented on the convenience and access offered by the new platform which allows them to complete the application digitally in their own time with regular updates by email or SMS notifications across from application to approval and funding.
“Our people have adapted seamlessly to new ways of writing, assessing, and fulfilling loans for our members. Essentially the process is paperless which has freed our lenders to be truly mobile and not tied to a desk to complete a home loan.
“The focus on continuous improvement in the lending experience coupled with strategic investments in digital is beginning to pay dividends for Defence Bank. The bank continues to grow its home lending without the use of brokers. It has just experienced successive record- breaking funding months in November and December 2023 with a 9% year-on-year growth rate in lending, making it one of the few banks to achieve growth in home lending during recent months.”
