Navigating the Lending Landscape: A Case Study in Loan Origination Optimisation
Navigating the highly competitive and rapidly evolving home loan market is a constant for financial institutions. Customer-owned bank Great Southern Bank’s purpose is to help all Australians own their own home. However, they face several challenges.
The financial services industry, especially the mortgage sector, is highly competitive. The broker channel in Australia accounts for more than 74% of home loans processed, creating the need for Great Southern Bank to differentiate itself through superior service, innovative products, and competitive rates to attract and retain customers, particularly via the broker channel.
The bank wanted to help simplify the home buying process and provide tailored financial solutions to support its purpose and enable more Australians to realise their dream of home ownership. The home buying and home loan process can be complex and challenging, particularly for first-time buyers. Customers often need assistance to understand government schemes and the overall mortgage process. To help solve for this, the bank saw an opportunity to enhance its systems to offer a seamless, supportive experience for customers.
In addition to supporting first-time home buyers in a highly competitive environment, the bank also recognised investment loans as a strategic opportunity to diversify its portfolio and reach more customers. This insight led the bank to delve deeper into the needs and expectations of investment loan customers. In response, the bank implemented enhanced configurations and tailored solutions designed to provide a seamless and frictionless experience for this segment. Through these efforts, the bank aimed to increase its lending, enhance customer relationships and strengthen its position in the market.
With a lending transformation program already in flight, the bank and Sandstone Technology worked together to focus on how an already established, robust loan origination solution could further enhance operational efficiency, improve customer experiences and support the bank’s delivery of its purpose.
Automated loan origination with LendFast: Sandstone’s loan origination platform, LendFast, streamlined the loan process, making it digital, easy, and customer-focused. It enabled Great Southern Bank to automate key processes, reducing manual tasks and enhancing the overall home loan journey for customers and team members.
First-time home buyer support: With a flexible and highly configurable system, alongside dedicated support, the bank simplified the process for first-time buyers. Participation in the Federal Government’s Home Guarantee Scheme and collaboration with broker networks further enhanced the bank’s support for this segment.
Through close collaboration between Sandstone Technology and Great Southern Bank the process involved;
Sandstone’s loan origination platform enabled Great Southern Bank to replace manual processes and legacy systems to a highly efficient, automated loan origination process, with key enhancements to achieve improved operations.
"Partnering with Sandstone Technology has been transformative for Great Southern Bank. Their loan origination platform LendFast has exceeded our expectations, providing us with the tools needed to enhance our customer experience and streamline our operations. We look forward to continued collaboration as we innovate and grow."
— Travis Allan, Head of Credit and Lending, Great Southern Bank
For over 75 years, we’ve been putting our customers first, and today we look after the financial needs of more than 400,000 Australians. We have changed our name from CUA to Great Southern Bank, but we remain customer-owned and firmly focused on our purpose of helping all Australians own their own homes.