AMP Bank Achieves Faster Approvals and Enhanced Security with Verification Exchange Integrated into its Origination Platform

Problem

AMP Bank identified that manual income verification was a primary friction point for its credit team. The traditional process relied heavily on the collection and manual review of payslips, which delayed approval timeframes.

This fragmented, paper-heavy approach led to several operational hurdles:

1.  Increased time to unconditional approval due to manual document chasing.

2.  An administrative burden on back-office lending assessors who had to manually validate documents.

3.  Heightened risk of fraudulent submissions and human error inherent in manual data entry.

4.  A lack of transparency in the application pipeline for brokers.

The manual nature of these tasks was not only time-consuming but also introduced inconsistency into the assessment process. AMP Bank recognised that to optimise its broker network's performance, it needed to move away from these unreliable methods and embrace a more secure, automated digital framework.

Solution

AMP Bank addressed these challenges by launching a new origination platform that features Equifax Verification Exchange as a core utility. Verification Exchange removes the need for brokers to manually upload sensitive documents or consumers to provide paper copies of their payslips. Instead, the applicant provides a one-time consent for the credentialed financial service provider (verifier) to request the employment income information directly from Verification Exchange. 

The exchange is home to up-to-date payroll data from participating employers and payroll providers, providing brokers with instant verified income data that prepopulates the application. This shift to a direct-source data model ensures that the information used for credit decisions is inherently more reliable than traditional documents.

"We introduced a completely new origination platform to automate the end-to-end process... [aiming for the] automation of income verification to improve the transparency and turn around for brokers and to streamline the back office."

- Melissa Christy, Head of Lending Origination, AMP Bank.

Results

The automation achieved through their new origination platform and Verification Exchange has delivered clear benefits to AMP Bank’s operations and its broker partnerships:

• Unprecedented speed: Working in conjunction with the new origination platform, Verification Exchange has increased the number of applications that can be approved at first touch. 

• Faster decision-making: A demonstrable reduction in time to unconditional approval, providing a more competitive service for brokers and customers.

• Increased efficiency: Improved throughput in the credit assessment team by reducing the time spent on manual document verification.

• Enhanced security: A significantly strengthened protection against fraud by using a direct-source data model rather than relying on collected payslips.

To learn more about how Verification Exchange can automate your lending processes, speak with an Equifax expert today.

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