Making getting a loan easier, quicker and more transparent

1 March 2017

Media release - Embargoed until 8am Wednesday, 1 March 2017

TSB Bank is making getting a loan easier, quicker and more transparent

New Plymouth, New Zealand - TSB Bank’s new lending application system is improving the lending experience for customers across the country. The system substantially reduces the time to process a loan from application to contract with multiple business efficiencies and customer benefits.

The Bank began this customer driven project in January 2016 and developed it in conjunction with its technology team and multiple technology partners – Cloudcase, CoreLogic, Decision Intellect and TSWG.

“Our goal was ‘one-way, same-way’ to improve a customer’s experience by standardising and streamlining our loan process,” says Steve O’Shea, TSB Bank’s General Manager of Customer, Sales and Service. “We collaborated with our technology partners to deliver a market-leading solution that mirrors the natural flow of a conversation with a customer and automates aspects of the process by pulling data from other platforms internally and externally.”

The lending system was a joint implementation between Cloudcase and TSWG who in turn integrated the system with CoreLogic and Decision Intellect to deliver the best of what each partner had to offer.

TSB Bank customers are more empowered than ever before and are benefiting from the new lending system through real-time home loan application progress updates; improved continuity between online, in-person and phone interactions; and faster processing time. Each loan is different, but the Bank has seen improvement in the overall end to end application process.

“In some cases, if a customer is prepared with all required information, a simple loan contract can be with the customer in 40 minutes instead of an hour or two,” says TSB Bank Chief Transformation Officer, Shaun Tubb.

TSB Bank’s lending system is being implemented in phases. To date, standard residential lending has been launched with increased functionality being introduced every month. Personal loans, complex residential lending (involving trusts, companies and guarantors) and other improvements will be launched over the coming months.

Founded in 1850, TSB Bank has been independent and 100% New Zealand owned since inception. With its head office in New Plymouth, in the heart of beautiful Taranaki, the Bank has 25 locations across New Zealand. In 2016, TSB Bank won the Consumer NZ People’s Choice award for Banking. The Bank holds an A- credit rating as assigned by Fitch Rating. If you want to see what better banking looks like, please visit www.tsbbank.co.nz.

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