National Australia Bank (NAB) plans to roll out its Personal Banking Origination Platform nationally by the end of the year, which the company has said will be the final piece to its Nextgen technology transformation and the "biggest technology overhaul in the bank's history".
The roll out of the personal banking platform will commence this month, following a pilot of the platform that commenced in August 2015 in contact centres in the Northern Territory and South Australia. During the pilot, the company said more than 9,000 transaction accounts, 4,000 credit cards and personal loans, and 700 home loans were opened.
NAB executive general manager for core banking Steve Collier said the platform has been designed to reduce processing times and improve communication about personal loan and credit card applications.
"NAB's Personal Banking Origination Platform has reduced credit card application times to just seven minutes," he said.
"For our bankers, we've streamlined processes by reducing the number of clicks to complete a loan application from 250 down to 50, which significantly reduces errors and improves turnaround times.
"As well as quicker turnaround times, we're delivering a more transparent customer experience that keeps our customers updated throughout the progress of their loan or application via Internet Banking and SMS."
The bank worked with technology partner Oracle to deliver the platform. Oracle has previously been responsible for helping the bank deliver NAB View and Credit Risk Engine.
The technology rollouts have been part of the bank's Nextgen project that commenced in 2009.
Last September, NAB launched NAB Prosper to offer its customers personalised financial advice through its online internet banking platform.
During the first half of the 2015 financial year, the bank reported it incurred higher technology costs of AU$4.5 billion. The technology investments that NAB made during that period included completing the roll out of NAB View for its business banking segments, and the launch of NAB Now for small business customers, to enable them to make a sale anytime, anywhere, while accepting card payments from smartphones and tablets.