Next to emerge will be our home lending proposition which will help customers buy and own a home faster. Customers will be able to apply for and manage their loan via their mobile phone, with approval in minutes and support from an ANZ Plus Coach whenever they need it.
Buying a home is the biggest financial transaction most people make in their lifetime and our automated, transparent and secure digital experience will make it seamless. We want to cut the time to a decision for potential homeowners from days to minutes while ensuring customers requiring help can access it. We will be going into a beta test with staff before the end of the year with our initial home lending offering launching to market later in 2023.
As part of the new retail banking platform, we have built more than 200 new, re-usable business services such as customer identification and customer access management. We are re-using three quarters of these for home lending.
We also followed a set of principles designed to help our customers buy a home and own it sooner. These included using data before documents and building a living statement of financial position for our customers.
Having this dynamic position with data from both ANZ and other financial institutions will make it easier and quicker for us to make home loan decisions for our customers.
That decision will be mobile first with a fast and transparent application process and automated credit decisions, where appropriate. This would involve an 80 per cent reduction in manual verification.
The process will also be enhanced with external property data allowing our customers to make more informed choices about the homes they want to target.
While the offering will initially be focused on the refinancing market it will be market-leading and fully digital all the way through to settlement.
Customers can keep track of their home loan from start to finish, including automated document generation and direct integration with property exchange PEXA. This will not be a digital front and analogue back end using legacy systems.
The ongoing management of their home loan will be made easier for customers with smart tools and notifications prompting them to adjust their loan as their situation changes. This includes managing loan features like offsets, redraws, repayments and statements, all within the ANZ Plus app.
The other key element of the design of ANZ Plus is the focus on improving the financial wellbeing of our customers. But what do we mean when we say we want to improve our customers’ financial wellbeing?
One example is saving regularly towards a goal and this has really taken off on ANZ Plus. About 45 per cent of active customers have set themselves a goal and a significant number have set more than one. For perspective, only about 5 per cent of customers set goals on our existing ANZ platform.