In what it calls the biggest technology overhaul in its 123 year history, National Australia Bank (NAB) will this month begin rolling out a new origination platform for personal banking customers.
Built with tech giant Oracle, the Personal Banking Origination Platform, aims to cut paperwork and simplify the processing of things like transaction account, loan, credit card and insurance applications.
Following a pilot begun last summer, the system will be rolled out nationally over the course of the year, beginning this month.
Steve Collier, executive general manager, NAB, says that the platform has brought down the credit card application process to just seven minutes, while the number of clicks staffers need to make for a loan application has fallen from 250 to 50.
"As well as quicker turnaround times, we’re delivering a more transparent customer experience that keeps our customers updated throughout the progress of their loan or application via Internet Banking and SMS," says Collier.
The origination platform is just part of a huge 'NextGen' IT transformation project at NAB, which has been running for several years - not always smoothly. In 2014, the bank was forced to write off $106 million related to a mortgage origination platform developed for its UBank subsidiary.