Powered by MOMENTUM MEDIA
the adviser logo
Lender

Bankwest digitises verification process

by Reporter4 minute read
Bankwest

The lender has launched a new digital verification tool for brokers in response to social distancing measures aimed at curbing the spread of COVID-19.

In lieu of social distancing restrictions imposed by federal and state government authorities to contain the COVID-19 outbreak, Commonwealth Bank-owned lender Bankwest has rolled out a temporary electronic identification (eID) process for new home loan applications.

According to Bankwest, the new tool is designed to improve turnaround times by enabling brokers to remotely verify the identity of customers.

The rollout of eID follows Bankwest’s decision to accept submissions of its identity verification and privacy consent forms for all new and existing customers.

Advertisement
Advertisement

Bankwest claimed that, when including the launch of its e-signing tool in 2018, the processing changes have set up an end-to-end digital home-lending process, with customers no longer required to verify their identity at a branch or at an Australia Post outlet.

However, the lender noted that mortgage documents would still require a wet signature for relevant Land Title Office requirements.

Following the launch of its eID tool, Bankwest’s general manager, third-party, Ian Rakhit, said: “The wellbeing of our customers, colleagues and the community is our top priority during this time, which is why this solution is so important.

“Brokers have a critical role to play through this uncertainty, helping people find a place to call home, and electronic identification is an example of how we can support them in that role.

“We want to be the best broker bank in Australia and, to do that, we need to ensure we meet their changing needs, and eID is an example of that, as we all adapt to current restrictions.”

Mr Rakhit concluded: “We want brokers and customers to know we’re open for business, and this solution sends that message loud and clear, potentially delivering an even faster home buying experience.”

Bankwest is the last among several lenders to introduce temporary digital verification alternative in response to the COVID-19 crisis.

[Related: NAB introduces mandatory VOI changes]

bankwest

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

ABA finalists

Finalists for 2022 Australian Broking Awards revealed!

Run with the support of principal partner NAB, the Australian Broking Awards – which is now in its 12th year –...

READ MORE
Anthony Albanese new ta

Home owners in flood regions offered cash payments

Speaking at a press conference on Wednesday (6 July), Prime Minister Anthony Albanese confirmed that residents in the...

READ MORE
Sam Henley

Fifo invests further into BDM team

According to Fifo Capital (Fifo), Sam Henley joined the lender as its senior business development manager –...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more