Tech firm to visit NZ ahead of electronic lodgement launch

Mortgage technology firm Simpology is set to visit New Zealand next month to help with the roll-out of BNZ’s long-awaited electronic lodgement system.

Monday, April 9th 2018, 5:21PM

by Dan Dunkley

Simpology, whose Loanapp technology is a key part of the new BNZ lodgement system, is set to conduct a New Zealand roadshow to train “hundreds” of brokers on the technology. The tech outfit is currently developing training tools, including videos and presentations, for the visit.

It comes after positive feedback from NZFSG and Mortgage Express, the groups trialling the technology. The groups are testing the software ahead of an expected live launch in June or July. Once NZFSG and MX start begin using the technology it will be rolled out across the rest of the country.

BNZ is the first bank to introduce the technology to New Zealand. It is part of a wider attempt to cut turnaround times for loan applications and bring New Zealand closer in line with Australia, where e-lodgement is the industry standard.

Loanapp is launched from an adviser’s CRM. It cuts out a number of steps for advisers, such as continually referring to the BNZ broker guide or submitting an affordability calculator.

BNZ hopes the technology cut turnaround times, commonly cited as one of the mortgage advisory industry’s biggest problems. In last year’s TMM Annual Adviser Survey, 18.5% of respondents said turnaround times were their most concerning issue.

BNZ has predicted the new technology could halve turnaround times. BNZ head of third party distribution Adam Ward said: “We will get more complete, better quality data, which means we can turn around decisions faster. It is great for my people, it is great for advisers, and great for the end customer...A little bit more time up-front will save you a lot of time with the bank.”

Ward said e-lodgement would benefit the industry in a changing regulatory environment: “With new regulation coming our way, the quality of the data kept will be greater industry wide. We want to be able to provide better info to the aggregator groups, they will want to do the same thing for regulators, as they [regulators] look at groups’ information and data.”

Tags: BNZ