Bendigo Bank uplifts the customer broker experience

Bendigo Bank has said its new digital lending platform is capable of delivering credit decisioning within six minutes. 

On Wednesday the bank said its digital lending platform introduced two new aggregators, Specialist Finance Group (SFG) and outsource Financial into its Bendigo Bank Broker portal.

Over 1000 brokers across Australia from aggregators will be able to offer Bendigo Bank branded products. 

More than 1000 brokers nationwide from Specialist Finance Group and outsource Financial will now be able to offer their customers Bendigo Bank branded products. 

A spokesperson for Bendigo and Adelaide Bank told Digital Nation the new digital lending platform “delivers broker-originated customers with a seamless digital home loan experience and a median time to initial credit decision in under six minutes from Australia’s most trusted bank”.

Digital Nation understands more than 70 percent of loans are now written by brokers. 

Bendigo Bank first introduced its Bendigo Bank Broker channel late last year as part of its ongoing transformation work with the bank planning to roll out the feature to 3000 brokers using aggregator Finsure, and then to mortgage brokers nationwide in 2024.

Chief customer officer for consumer banking, Richard Fennell said, “We are very encouraged by what we have seen in the first phase of the rollout, receiving more than 450 applications since launch in late 2023, with a median time to initial credit decision in under six minutes.”

“The new platform, which will eventually be rolled out to our direct business, fast tracks our time to decision and delivers a competitive and seamless digital home loan experience for our customers and partners as we continue to leverage the Bendigo Bank brand in the broker market, as well as our reputation as Australia's most trusted bank.” 

General manager of Third-Party Banking, Darren Kasehagen said “Now we have Finsure, Specialist Finance Group and outsource Financial all using our new digital lending platform, a rolling onboarding program has been set with our additional aggregators coming on board progressively over the coming months.”

“Once all our aggregators are onboarded more than 16,000 brokers will have access to Bendigo Bank Broker for their customers.  

“We’re committed to being there for our brokers - so they can be there for their customers. We’re excited to have two more fantastic Australian aggregators and valued partners in outsource Financial and Specialist Finance Group now on board,” Kasehagen concluded.