Hume Bank starts transforming its loan origination
Hume Bank is transforming its customer onboarding process for loan and deposit products by modernising its loan origination platform.
The customer-owned bank last month partnered with digital transformation software vendor Q2 to overhaul its customer origination processes.
The Albury-based bank had been seeking a cloud-based digital origination solution that would match its technology architecture as it works through its bank-wide transformation program.
The bank, which has over 55,000 customers, intends to use the software to reduce loan decisioning time and smooth customer onboarding.
Hume Bank Jason Woolhouse chief innovation officer told iTnews the bank “will commence this exciting pathway by first standardising Hume Bank’s lending product and channels under a single, configurable and adaptable lending origination platform.”
He added Hume Bank will then “seek to expand its use to other lines of business, origination and enquiries.”
Woolhouse said Q2 will develop an origination solution that enables “a single experience for our future customers, an experience that is intuitive, streamlined, not complicated, predictive and fast.”
Under the Q2 partnership, Hume Bank’s digital channels and various multiple product offerings will be consolidated onto one lending platform.
It’s expected the transformation will allow straight-through processing to automate data sharing and reduce repetitive tasks.