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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.

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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.

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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 digitises verification process
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