Revolutionising Broker Efficiency: Digital Verification via the AMP Bank Broker Platform

In the competitive Australian lending market, efficiency and security are paramount to a positive broker experience. AMP Bank, committed to optimising its broker network's performance, identified a critical friction point: the manual, time-consuming nature of income verification. This challenge was the catalyst for a major strategic overhaul, resulting in the introduction of a completely new origination platform and a strategic partnership with Equifax Verification Exchange.

AMP Bank’s primary objective was to move beyond fragmented, paper-heavy processes. As Melissa Christy, Head of Lending Origination at AMP Bank, confirmed, the driving force was the need to automate the entire application process.

"We introduced a completely new origination platform to automate the end-to-end process."

This automation goal specifically targeted the income verification phase. Traditional methods of collecting and reviewing payslips were not only administratively burdensome for the bank's back office but also led to increased processing times and a higher risk of "fraudulant" submissions from brokers. AMP Bank needed a solution that was reliable, instant, and fully integrated into their new system, ensuring a seamless user journey within the AMP Bank Broker Platform.

The Solution: Upfront Verification Embedded in the Broker Platform

The choice of the Equifax Verification Exchange solution was entirely focused on operational gain, aiming for what Melissa Christy called the "automation of income verification to improve the transparency and turn around for brokers and to streamline the back office."

To ensure maximum efficiency for brokers, AMP Bank made the strategic decision to embed the Equifax solution directly into the new lodgement platform, making it integral to the loan application process. 

Verification Exchange is used upfront in the application that the broker or direct lending specialist completes. Rather than manually chasing documents, brokers are presented with verified digital income data that is populated into the application and can submit the application based on this trusted information.

This process eliminates the need for brokers to upload sensitive documents and reduces the administrative burden on the bank’s lending assessors. Furthermore, shifting to a direct-source data model offers substantial security advantages. By getting income data directly from the source, the bank significantly strengthens its protection against fraud, making the data inherently "more reliable and trustworthy" than collected payslips.

The successful implementation of the new platform, with Verification Exchange as a core utility, is already delivering on the strategic objectives. The most critical indicator of success for AMP Bank, its brokers, and customers is the speed of decision-making. 

The automation achieved through the new system and Verification Exchange has delivered clear benefits: The solution has resulted in a demonstrable reduction in Time to unconditional Approval and improved throughput in the credit assessment team.

A Future-Forward Commitment to Brokers

The integration of Equifax Verification Exchange into the new AMP Bank origination platform via the Broker Platform is a powerful illustration of AMP Bank’s commitment to process automation and fraud mitigation.