AMP Bank is gearing up to launch a digital mortgage offering for retail customers later this year.
The bank is working with Australian fintech Nano to fast-track the digital mortgage platform that will offer home loan approvals within minutes.
Digital mortgage approvals are set to launch by invitation only for new retail, direct-to-bank customers in the third quarter of 2022, before a general rollout.
AMP Bank and Nano have been working together since the start of the year to accelerate the offering to market.
AMP Bank group executive Sean O’Malley said customers “increasingly” require fast home loan application approvals “to match the fast-moving nature of the real estate market”.
“Through our digital mortgage offer, we’ll reduce the time to unconditional approval for a residential home loan from days to hours, and in many cases, minutes,” he said.
“A fully digital mortgage offer will enable AMP Bank to better help customers achieve their home ownership aspirations, whether it is a home to live in or an investment property.”
O’Malley added that by using Nano’s platform “we are embracing speed to market and the agility afforded by the partnership”.
“It allows AMP Bank to accelerate its focus on growth through digitising customer experiences,” O’Malley said.
“The development of a digital home loan reflects AMP Bank’s ongoing strategic investments in digital technology to simplify and improve customer and intermediary experience.”
Earlier this year, AMP CEO Alexis George said the company was focusing investment in its banking division and on digital initiatives.
He said AMP was “establishing digital direct-to-consumer propositions” via partnerships and was aiming to improve the "time to yes" on mortgage approvals by 30 percent.