Two of Australia’s largest mortgage aggregators have thrown their support behind ZipID after seeing how the identity verification tool benefits brokers and lenders.
The Veda-owned ZipID service puts a secure workflow in the hands of brokers and helps to organise and simplify the face-to-face identity verification process.
Sean Simmons, head of ZipID, said the support that Veda’s innovative service has received demonstrates industry enthusiasm to solve a common problem that causes unnecessary delays and frustrations.
“The current ID process when applying for a home loan is outdated, and needs to be fixed. It lacks consistency, is paper heavy and not broker-friendly. This causes brokers and customers unnecessary delays and frustration and adds manual processing cost to lenders,” he said.
“ZipID helps make ID checks simpler, faster and more accurate for brokers, consumers and lenders.”
With the majority of mortgage applications now lodged through brokers, Mr Simmons said it has become increasingly important to address the challenge of achieving ease through digital solutions, while combatting fraud and mistrust at the same time.
AFG general manager of sales and operations, Mark Hewitt, said the amount of rework required due to incomplete ID capture was having a significant impact on cost and time efficiencies for brokers and lenders. It is also adversely effecting the customer experience, he said.
“We’re excited to see the industry getting behind a simple, effective solution to this problem, and hope to see the momentum continue so we end up with a more customer and broker-friendly process,” Mr Hewitt said.
Connective director Mark Haron, says the roll-out of ZipID’s services would deliver a positive impact across the board.
“Connective is always looking for innovative technologies that will improve our brokers’ efficiency and free them up to focus on what they do best – building relationships with their clients,” Mr Haron said.
“ZipID will make capturing clients’ ID information faster and simpler for our 3,000-plus brokers, while still meeting all the necessary compliance requirements. It’s a win for all parties, including our lender partners,” he said.
Veda’s ZipID mobile app is now available for iOS and Android users and allows brokers to securely capture their client’s ID information using a smart phone or tablet in one fully-compliant PDF report.
“We know that the current range of ID policies across the mortgage lending industry means brokers are faced with a patchwork of rules and paper-heavy processes that often lead to rework and delays,” Mr Simmons said.
“Veda’s ZipID app provides a practical solution to a longstanding pain point for brokers,” Mr Simmons concluded.”
Veda also offers a solution for brokers who cannot meet with their customers in person; trained representatives, who have passed police background checks and use Veda’s secure workflow to complete the ID process on the lender’s behalf at the customer’s home or work.
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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