Brendon Smith
The non-bank lender and New Zealand's biggest aggregator group have gone live with straight-through processing, integrating the group's CRM system, MyCRM, with Bluestone's lending platform, under the "Select" brand.
The lender and group said the integration was "unique among NZ lenders", and will allow electronically submitted home loans to be approved faster than ever. Advisers can lodge directly from MyCRM to Select.
Brendon Smith, CEO of NZFSG said the new setup would lead to quicker outcomes for customers, and additional protections on customer data.
Smith said: “We’re really excited about the new system. It will speed up approval times and increase efficiency, so customers can get faster answers. It’s completely unique in NZ as the first system where there isn’t a third party involved – instead applications go direct from MyCRM to Bluestone. For us it’s really about faster customer outcomes, being more efficient and being able to scale in a sustainable way, as well as protecting customer data."
Peter Wood, Managing Director of Bluestone NZ added: "It’s a really exciting milestone for our business and demonstrates our commitment to delivering best-in-class product, process and systems to enable better outcomes for our business partner and its customers."
The new setup could solve a familiar problem for mortgage advisers. According to TMM's 2019 Annual Survey, turnaround times is the issue most likely to keep advisers awake at night", ahead of regulation and commission.
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Under the Privacy act in New Zealand consumers have a basic right to know where their data is going, NZFSG advisers have a minimum requirement to declare this in their personal disclosure statements before sending or loading clients information offshore, if they don’t the customer has no idea their personal information is being loaded into a cloud based CRM system in Australia that’s own by a real estate company and then forwarded on to a lenders platform .
I would say 90% of G advisers are not providing this information in detail to the consumer and I wonder if this creates privacy issues for the lender associated as they are party to and accepting of the customers information with out the customer knowing what parties are involved in receiving personal banking info.
Maybe the new regulation requirements will tidy this up
We are in a digital age so let’s get it right from the beginning.