ApplyOnline® Enabling Commercial Success for Pepper Money

Diversification was the objective that drove Pepper Money to roll out a new commercial offering12 months ago; with digitisation underpinning the faster ‘time to yes’, and it’s proven popular with brokers, says Pepper Money’s Head of Commercial, Malcolm Withers.

Withers’ primary goal was to eliminate the complexity brokers experience with commercial loan processing.

“At the request of the broker industry, our biggest goal was to remove all complications and provide unencumbered access to commercial lending to enable brokers to deliver product to customers,” Withers states.

Withers complements NextGen.Net for developing ‘ApplyOnline Commercial’  because, as he says, it removes the commercial loan stigma by simplifying the whole process. 

“We made a strategic decision upfront to have ApplyOnline Commercial as our foundation system for receiving commercial applications. One hundred percent of our commercial applications go through the ApplyOnline process.

“ApplyOnline Commercial emphatically affirms NextGen.Net’s commitment to build simplicity (yet at the same time, sophistication), into commercial lending,” Withers declares.

Pepper Money’s entry into the commercial space entailed implementing the unique service and support transaction model established on their residential lending platform.

“We have a direct credit lodgement platform that allows the broker to lodge the application directly to credit managers and straight into our credit queue. It doesn’t go through a business development manager because we’ve elevated brokers to business relationship manager status for the customer. In other words, they become ‘business banking brokers’,” Withers explains.

“Brokers deal with and talk directly to our credit managers. If a credit manager has a query regarding a transaction, he or she will ring the broker directly to get further information. That allows us to keep everything moving and get a better assessment outcome.

“By removing the middle person, we give brokers more control and access. A business relationship manager filtering everything just delays the process.”

Pepper Money has gone to the market with commercial property secured lending solutions for customers across their product range.

“We provide longer loan terms than traditional lenders; up to 25 years. We also provide them with access and control via an access portal so they can go into their loan, see their balance, print statements and have a redraw facility.

“We assess the transaction within 96 hours to approval: the time starts the minute a broker hits submit. That’s just one benefit of connecting directly with credit.”

“This initiative from Pepper is enabling brokers within the ApplyOnline ecosystem they know and trust for a residential loan,” says NextGen.Net Chief Customer Officer Tony Carn.

“Our digital application makes it easier for brokers to transact commercial deals in a similar way to a residential mortgage. That means being able to lodge deals by leveraging data they already have in the CRM system. Therefore, having online visibility and loan traceability and the ability to receive standardised back-channel messages and liaise directly with Pepper Money’s credit managers.”

Barely twelve months after the rollout of Pepper’s introductory commercial product, Withers says broker feedback confirms the attainment of his primary goal; to eliminate complexity from commercial loan processing.

“Part of the credit of course goes to ApplyOnline Commercial for providing the platform for this to happen,” he says.