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Digital innovation driving improved home loan processes
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Digital innovation driving improved home loan processes

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Brett Halliwell, General Manager, Advantedge 3 minute read

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Digital innovation has drastically changed our world, from how we order food to how we interact with our friends or even to how we manage our finances. Every aspect of our lives has, in some way, been enhanced by technology. The result is that today’s consumers are “digital natives” and expect innovative solutions from their service providers.

The broking world is no different, and technology is making life easier for brokers and their clients. One example of this is the introduction of digital home loan documents and signing capabilities.

The traditional method that most of us are familiar with involves customer documents being printed, manually collected and physically submitted. The act of executing contracts requires parties to ‘put pen to paper’ when signing original documents.

This method, however, can involve additional steps and may take longer to complete. In addition, returning documents in the post takes time and they may get lost in the mail.

While most brokers seek continual innovation from lenders, many still favour the ‘old way’ of getting documents signed, sealed and delivered. Brokers have an important role to play in embracing technological change and using digital enhancements for the benefit of clients and to increase the efficiency of their own businesses.

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By incorporating digital tools into the home loan process, both brokers and clients can reap the following benefits:

1. Increased speed and efficiency

Advantedge recently partnered with MSA National and Equifax to introduce two mobile apps, enabling brokers to conveniently collect and submit client identification from their mobile devices. This helps with faster and more efficient loan processing, for both brokers and their clients. Advantedge gives brokers the choice between ZipID and IDme, two leading mobile apps in this space.

Advantedge has also partnered with MSA National to introduce digital home loan document delivery and signing, simplifying the settlement processes. Clients can now view, sign and submit their home loan documents for verification and processing in just a few minutes. Digital document signing for mortgages is currently accepted for properties in New South Wales, South Australia and Victoria.

2. Improved visibility and accuracy

Brokers that incorporate digital enhancements into their processes have the benefit of monitoring the progress of their client’s documentation stage. Electronic notifications also alert brokers when documents are received and signed by a client, a feature that enables them to be informed and provide support to their clients when needed.  Automated processes can also reduce errors such as missing signatures or documents.  

With digital verification of identity, the mobile app steps the broker through the various types of document that needs to be collected for the 100 point ID check. Without completing all the necessary ID capture, the broker won’t be able to generate an identity report and submit it, which ensures accuracy in collection of identity and submission.

3. Enhanced client engagement

The more time poor people become, the more they expect to do business in a way that is efficient, convenient and simple. Brokers that harness technology in order to make the settlement process as hassle-free as possible, can deliver a superior customer experience, which ultimately fuels referrals and business growth.

Advantedge acknowledges the correlation between increased digital capability and better customer service. This is driving our continued investment in innovative technologies that support the business success of brokers and foster improvements to the client experience.

Digitising the home loan process is the next step in the evolution of white-label lending, and is another way Advantedge is making it easier for brokers to do business.

 

Digital innovation driving improved home loan processes
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