In the fast world of finance, time is money. Nobody understands this more than NZCU Baywide, who have utilised illion’s Application Process Interface (API) to slice through the time barrier, giving brokers instant access to automated loan application processing.

About

Previously, any loan submission had to be entered manually into NZCU Baywide’s loan decisioning portal – a time consuming process. However, the new process does away with the need for human intervention. Customer’s documents are uploaded directly, with the time to decision significantly reduced for the loan applicant, and at no additional cost to them.

Adoption of this leading-edge broker integration tool has led to NZCU Baywide winning yet another coveted Canstar Award – this time for Innovation Excellence in Consumer Lending in 2021.

Solution

NZCU Baywide has partnered with illion and utilises a number of illion services for onboarding, decisioning and collections. These cover the entire customer life cycle. This has enabled NZCU Baywide to progressively remove friction from the lending process, significantly increasing their competitive advantage in the market.
For our part, illion has adopted a true partnership approach with our customer, with a focus on understanding and resolving pain points, and working with NZCU Baywide on a robust solution to achieve their objectives.

You don’t have to look far for evidence of this approach with the illion project team developing a professional onboarding experience for the implementation of the API to ensure the whole process has been seamless and painless for NZCU Baywide’s clients and broker networks. This involved designing a number of useful tools and guides to help with the deployment of this leading-edge technology.

The illion value-add also extended to helping NZCU Baywide develop a way to work around brokers’ existing technology/platforms, rather than forcing them to adapt to the new platform. It’s a win-win all around, with faster and more efficient processes for both brokers and NZCU Baywide, resulting in a far more efficient experience for the customer.

Key Results – for NZCU Baywide

  • NZCU Baywide has once again been recognised as an industry leader, winning a 2021 Canstar award for Innovation Excellence in Consumer Lending.
  • 31% of all personal loan applications are now submitted via API.
  • 56% of API submissions are conditionally approved instantly, delivering 24/7 market-leading speed.
  • The new process has enabled NZCU Baywide staff who were previously tasked with data entry to spend more time on directly servicing customers or brokers.
  • The API delivers to a significant market segment who prefer to utilise a broker, giving them more options, unique service and a higher level of trust, compared with dealing directly with a single credit provider.

Key results – for illion

  • illion successfully partnered with NZCU to develop a professional onboarding experience which resulted in a seamless and positive experience for NZCU’s clients and brokers.
  • The illion value-add also extended to helping NZCU Baywide develop a way to work around brokers’ existing technology/platforms, rather than forcing them to adapt to the new platform.
“Working with illion on developing, testing and deploying this solution was a true partnership. illion offered help, guidance and advice to NZCU on how we could achieve those objectives. NZCU also benefited from the expertise of illion helping provide visibility on how the solution would work for the brokers. Through this partnership, the API solution delivered even greater automated functionality for the broker, customer & NZCU than initially planned.”

Anton Hakkaart, Digital Sales Manager at NZCU Baywide




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