17 December 2017
visit www.aciworldwide.com

ANZ to automate mortgage processing; offshore back office jobs

16 May 2007  |  11378 views  |  0 Sydney Opera House 2

Australian banking group ANZ is introducing an online mortgage application and processing service under an automation drive that will see some of the 900 back-office jobs at its home loans unit offshored to its facility in Bangalore, India.

According to Australian press reports the bank is investing A$70 million in technology that will automate the entire mortage process and enable customers to track mortgage applications online - from the initial application form to settlement of funds in accounts.

The system, which uses digital imaging technology instead of paper-based methods, in expected to reduce the time taken to process a loan from up to a week to two days and dramatically reduce the 4.7 million pieces of paper a year generated as part of ANZ's credit approval process.

ANZ mortgages managing director Michael Rowland told The Australian newspaper that once the mortgage procedure has been automated, a "small" proportion of about 900 back-office mortgage jobs would be sent to Bangalore in India.

Rowland said the bank hasn't yet decided on the final number of jobs to be offshored, but affected staff would be retrained and redeployed.

In April, ANZ reported an eight per cent jump in first half technology costs to $278 million, as it increased headcount at its Bangalore development centre and raised spending on third-party software.

The move by ANZ to automate mortgage processing follows a drop in its home-lending profit due to increased competition in the mortgage sector.

In a separate move ANZ says it now has a 91.75% interest in Internet broker E*Trade Australia and will compulsorily acquire the remaining shares to complete the acquisition.

The bank offered in February to acquire the 65.8% stake it does not already own in the online broker for around A$268 million, but has faced shareholder opposition since disclosing details of its bid.

ANZ has now extended its $4.05 a share takeover bid for the business to 25th May.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

ANZ extends offer for E*Trade Australia

ANZ extends offer for E*Trade Australia

10 April 2007  |  4694 views  |  0 comments
E*Trade Australia rejects ANZ bid

E*Trade Australia rejects ANZ bid

26 March 2007  |  5361 views  |  0 comments
ANZ recruits David Cartwright as new tech chief

ANZ recruits David Cartwright as new tech chief

21 February 2007  |  10201 views  |  0 comments
ANZ introduces pre-paid travel currency card

ANZ introduces pre-paid travel currency card

15 February 2007  |  6396 views  |  0 comments
ANZ trials multi-million dollar online mortgage system - Herald Sun

ANZ trials multi-million dollar online mortgage system - Herald Sun

10 July 2003  |  4210 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.atos.netvisit www.thomsonreuters.info

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
10605 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
10219 views comments | 18 tweets | 36 linkedin
Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
7471 views comments | 9 tweets | 10 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7308 views comments | 19 tweets | 22 linkedin
hands typing furiouslyReshaping Customer Engagement & Da...
6716 views 0 | 4 tweets | 2 linkedin

Featured job

Find your next job