Online application system deployment for margin lending firm

By Peter Dinham
Friday, 19 June 2009 10:24

Technology

The margin lending arm of the Bendigo and Adelaide Bank, Leveraged Equities, has deployed an online application process developed by Melbourne-based IT services company, Taten.

Taten CEO, Jeff Lim, says Leveraged Equities adoption of its iApply Online Data Capture Framework, is driving new efficiencies as well as providing accuracy and completeness of data in the application process for both clients of the firm and its advisory team, where previously about 60 percent of paper applications were continually held up for processing because a lot of information had been missed.

“This meant going back to the financial advisors to chase down the missing information from the client. This could take anywhere up to two weeks.”

Lim says all of Leveraged Equities’ client information required to set up an account is now captured and validated online using iApply, and, he claims the Taten solution is a “market leading”  application in the margin lending and leveraged equities industry which clearly differentiates Leveraged Equities from the its competitors.

According to Lim, some companies in the margin lending and equities industry don’t have an online application process in place, and of those that do, he claims they only offer basic applications, such as single borrower/joint borrower.

Lim also says that with iApply the information gathering process is clear and simple to use, and allows application to be done to “suit the client’s timeframe while they collect all the necessary information, rather than having to continually contact the advisor and the advisor continually contacting ABL.”

“There is much less human error, as the client information is captured and validated online, and advisors and clients can save an incomplete online form if they need to chase up more information, rather than being forced to exit and start from scratch again.

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