Each home loan customer can create a unique, reusable, digital financial position, using only their mobile phone. This statement of position integrates all their financial data in one place, combining transaction histories from ANZ accounts, as well as any accounts with other banks to create a live statement of position.
This will be a dynamic, reusable, always up-to-date and ready to use for a home loan at any time. Customers can view an accurate spending summary that automatically categorises transactions and provides a breakdown spending, earnings etc – most of it done automatically.
This will allow customers to understand what they can afford without uploading a single document and it allows for greater automation. No more guesswork on what your annual spend is for utilities, gifts and eating out.
The ANZ Plus App uses real-time property value estimations, so customers will also be able to find a property and secure it sooner with an approval decision in minutes.
The application process will be transparent, fast, completely digital and will feature rapid credit assessments, with loan approvals specific to individual properties. So, home buyers can purchase with confidence.
Customers can view their loan progress securely via the ANZ Plus app or website at any time, staying across the process from beginning to end. That data will also be available to ANZ Plus Coaches allowing them to answer questions from customers about how their loan application is progressing.
ANZ Plus home loans will maximise the financial wellbeing features of the ANZ Plus app, which have been enhanced to support loan management and offset functionality.
Smart tools and notifications will prompt customers to adjust their loan as their situation changes and take actions to help them own their home sooner. Customers can also easily manage loan features like offsets, redraw, repayments and statements.
The ANZ Plus home loan has recently entered the beta test phase and we have just approved our very first ANZ Plus Home Lending application. The beta phase allows ANZ to test, monitor and fine tune the new proposition before it’s available to customers and demonstrates that we can regularly update it while it’s in use.
I’m excited to see how the beta test phase goes before we launch our minimum viable product for all customers in 2023.
This is an edited version of a presentation by Peter Dalton, Managing Director of Design & Development at ANZx.