NextGen.Net to provide Loan Market’s brokers with access to CDR

By Edil Corneille

Australian companies Loan Market and NextGen.Net have announced that they have taken their longstanding partnership to the next level to further future-proof brokers’ businesses as they face of the implementation of best interests duty (BID).

The integration of Loan Market Group’s technology platform ‘MyCRM’ with NextGen.Net’s electronic lodgement and processing platform ‘ApplyOnline’, is said to have been central to the aggregator’s timesaving and friction-free lending experience.

Now, with the re-launch of the MyCRM solution in preparation for brokers to operate optimally in a post-BID environment, Loan Market’s tech partnership with NextGen.Net is focused on providing tools to accommodate brokers’ compliance needs and benefit everyone in the lending value chain.

“By working with NextGen.Net we’re maximising data captured through ApplyOnline. So prior to lodging, brokers can have complete confidence that they’re within healthy compliance margins,” says Loan Market’s Head of Product Management MyCRM, Mathew Camp.

“We wanted end-customers to have the ability to declare expenses, ideally using tools upfront via our customer portal, and then have a flow-on to the lender without too many touch points. The business requirements we finally arrived at were exactly what NextGen.Net was about to launch: their second update of Standardised Expense Categories.

“Consequently, we were able to align on re-mapping how our expenses work on our platform and how we capture them from bank statements and services upfront, and flow them through to submission via ApplyOnline.”

“It’s been a really complex process because each lender’s needs are different and customers don’t always understand what they’re asking for,” says Joanne Church, Loan Market Chief Operating Officer for the MyCRM division. Church worked collaboratively with NextGen.Net to maximise both the use of their digital suite centrepiece and the capabilities of ApplyOnline to benefit their brokers.

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Loan Market also utilises the ‘Combined Industry Compliance’ tab within ApplyOnline as an additional timesaving tool. Brokers can complete the Broker Interview Guide digitally in MyCRM and have it seamlessly flow into ApplyOnline.

Camp also singles out the ApplyOnline ‘eSign’ functionality within the ‘Supporting Documents’ service as another tool to help brokers maintain business in the current environment: “There’s a big push post COVID-19 for loan documents to be signed off on platforms, avoiding the need for paper and wet signatures,” he says. “NextGen.Net is doing a great job driving this change across all lenders with their new ApplyOnline eSign tool that helps us remove a significant point of friction in current paper-based lending processes.

“While tech-savvy brokers tend to be drawn to Loan Market, our culture is inclusive, and our platform is intuitive and easy to follow with great on-going training and support. That’s why actively fostering strong partnerships with market leaders like NextGen.Net is core to helping us deliver on the ‘four promises’ we make to our brokers to: save them time, keep them safe, help them find and keep clients, and grow their business,” says Church.

“Loan Market is leading the way in CRM technology for brokers and they’re ahead of the curve in utilising current capabilities for compliance and responsible lending,” says NextGen.Net Chief Customer Officer Tony Carn.

“The next exciting step will be working together to leverage our recent acquisition of Frollo and their leadership in Open Banking to provide brokers with access to the Consumer Data Right (CDR) through ApplyOnline.”