Defence Bank rolls out a new digital personal loan
Defence Bank is rolling out a digital personal loan solution that slashes the time it takes from loan application to approval and funding.
Defence Bank CEO David Marshall says the Cloudcase digital solution will soon be extended to home loans, credit cards and overdrafts, following positive feedback from its members and the Defence Bank team.
“Our pilot on personal loans revealed a completely paperless digital solution providing approvals within 30 seconds and funding within 20 minutes where members had all necessary documentation,” he says.
Members are kept to date via text and email notifications from the time they make the application to the time they receive approval and funding.
“We will now extend it across our entire loan origination, with mortgages and credit cards set to roll out in the following months,” says Marshall.
“The collaboration with Cloudcase puts Defence Bank on a very strong footing. It has delivered a better member experience by reducing member effort through frictionless banking and has increased personal lending funding by 25 per cent over the last three months.”
Marshall says it’s not the first time that Defence Bank has been at the forefront of digital investment and adoption.
“We were early adopters of Apple Pay and Google Pay, the New Payments Platform and developed an award-winning and highly rated banking app that rates 4.8 in the Apple and Google Play stores. We will continue on this pathway with further investment, training and deployment of technology that meets evolving member needs.
“Investments and relationships like these should go some way to dispel the myth about bigger banks always being better digitally. Our new digital loan application allows us to offer a comparable and, in many ways, more compelling service.”