ING attributes efficiency gains to LendFast Origination System
Loan processing times reduced by 50%
March 27, 2017 | News
In an article appearing in Australian Broker last week, ING attributed their substantial efficiency gains in the origination process for brokers and customers to Sandstone’s origination solutions. The full article can be read here.
Key points from the article:
- One of ING’s biggest investments in 2016 was for LendFast, an end-to-end origination processing system for mortgages. The system is all about efficiencies in the origination process for both brokers and customers.
- The platform has resulted in a 50% reduction in processing time per loan with customers able to upload documents digitally from anywhere while being reminded of vital milestones and forgotten tasks through automated notifications.
Quotes from ING CEO Uday Sareen
“LendFast has great capabilities which we expect to see shining through in the coming months as we bed in the system – including cutting turnaround times by one third, providing live updates, and empowering brokers to do more, underpinned by our brokers’ sales and support network.”
“The bank’s strong customer growth has been invigorated by these advanced digital offerings.”
“People are increasingly looking for a seamless digital experience from their service providers and the onus is on banks to provide that experience. For us by far the majority of our customer interactions are via the mobile app.”