[Video] AMP Bank and Fortiro: Delivering a Better Experience For Brokers and Borrowers

As announced in an earlier blog post, AMP Bank is partnering with Fortiro to automate income verification, detect fraud earlier and accelerate lending decisions.

To explore how the partnership will improve the broker and customer experience, we sat down with AMP Bank CEO, Sean O’Malley and Head of Lending Origination, Melissa Christy.

Watch the video below.

Transcript

Sean O’Malley, CEO, AMP Bank:

“AMP has a vision to fully automate and digitise the home lending process to make it easier for brokers as well as for customers. Fortiro is a major partner in that, in helping us extract and understand income, whether from payslips or from tax returns upfront, identify and detect fraud, as well as ensure that we can verify that income at the point of lodgement.

Using Fortiro is going to really help us to accelerate the experience for our brokers. And what it’s going to mean is that the vast majority of applications submitted by brokers are going to be straight-through processed and automated, and it’ll be super-fast.

Our Fortiro partnership is going to help us on our long-term vision to fully automate the home lending experience. We think the ability to be able to extract and verify income information, whether through payslips or through tax returns, as well as identify and detect fraud, are game changers, and this is going to allow us to deliver truly revolutionary experience for our brokers.”

Melissa Christy, Head of Lending Origination, AMP Bank:

“I’m Melissa Christy. I head up lending origination at AMP Bank. That means I’m responsible for the end-to-end mortgage origination journey. I’m very passionate about transforming the mortgage origination journey and using innovative solutions to be more efficient and provide a better broker experience.

The partnership with Fortiro enables us to digitally verify income upfront using the documents that brokers already collect in their process, such as payslips, tax returns, and notice of assessments. One of the reasons we chose Fortiro is for their fraud capability and our ability to detect fraud on a payslip or a tax return the minute it’s submitted to us.

Documents are a really important part of the mortgage origination process and our partnership with Fortiro will mean that we’ll be able to scale and grow for the future. The great thing about Fortiro’s technology is it’s ready to use and it doesn’t need to be trained or have any ongoing maintenance.

Fortiro will speed up the ‘time to decision’ by reading payslips, calculating the digital income, and presenting that back to the broker on screen. This means the broker can see the verified income upfront and is more comfortable with the decision.”

Sean Quagliani, CEO and Co-founder, Fortiro

“The partnership between Fortiro and AMP Bank is a game changer. And really what it’s leading to is a much faster ‘time to yes’ and a better customer experience.

Fortiro works with some household brands here in Australia, which are banks, non-bank lenders, insurance companies, and payments companies, all to help them with verifying income from documents and using documents to detect fraud. This means the outcomes that AMP Bank receive are tried and tested in the industry.”

To see how Fortiro can help you, contact the Fortiro team.