AMP Bank has launched leading refinancing solution FASTRefi®, which speeds up the time from unconditional approval to settlement, partnering with FMS/First Title to deliver the streamlined experience.

AMP Bank is the first lender to deploy the enhanced version of FASTRefi which gives customers, brokers and advisers an easier process and faster access to funds. The pilot stage of the enhanced FASTRefi solution has already seen a faster ‘time to settlement’ through a 20 per cent increase in one-touch verifications and reducing the time to funding by a third, to three days, once customers’ documents have been returned.

The addition of FASTRefi to AMP Bank’s lending origination technology forms part of the Bank’s continued investment in home loan processing technology, and commitment to delivering a strong service experience across its channels.

AMP Bank introduced a number of enhancements in the past year including Digital signatures (eSign) for loan applications, digital verification of identity (VOI) tool, NextGenID, which makes it easier to submit applications to AMP Bank, saves brokers and advisers time, and supports faster turnaround.

The improvements reflect feedback from brokers and advisers, and support AMP Bank’s strategic objectives to enhance self-serve capability and increasingly digitise and automate the lending experience across its channels. Since last year, AMP Bank’s average customer cycle time to unconditional approval has improved by 33 per cent. 

AMP Bank this year has also delivered the first phase of its enhancements to Top-ups in ApplyOnline, giving a faster time to approval, improved efficiency in how deals are managed and assessed through workload management tool ‘Get Next’, and established a new AMP-dedicated FMS phone line for brokers, providing a better service experience for brokers. 

Melissa Christy, Head of Lending Operations & Client Assist, AMP Bank said:

“By driving digitisation and automation, we’re able to better support brokers and improve the lending experience. FASTRefi makes refinancing to AMP Bank faster and simpler, allowing settlement to take place within a few days of unconditional approval, giving customers greater certainty.

“In a strong refinance market, it’s important we have the right technology in place to support our brokers and deliver for customers.

“AMP Bank continues to focus on embedding a digital-first service experience for customers and brokers and delivering ongoing improvements in the lending origination experience.”

The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517.

FASTRefi® is provided by First American Title Insurance Company of Australia Pty Limited ABN 64 075 279 908 Australian Financial Services Licence 263876, trading as First Title, an Australian general insurance company authorised by the Australian Prudential Regulation Authority.