Digital signing service a hit with brokers

Bankwest’s investment in its digital signing service has hit the mark with brokers, with feedback indicating the service has reduced turnaround times and errors in the home loan application process and improved the overall customer experience.

Bankwest was one of the first banks in Australia to offer digital signing when it launched the new service in 2018. According to Bankwest general manager of third party banking Ian Rakhit, the digital service was designed with broker needs very much in mind.

“When we were developing the new digital signing service, we were very focused on the need to help brokers deliver better value to customers and also ensure a more seamless and frictionless experience for customers,” he said.

“E-signing enables customers to sign and return their documents in a matter of hours, and the e-signature can even be made on a smart phone. It’s simply a better experience for customers.”

“This fully automated process means that the time frame between a final (unconditional) credit decision and the documents being issued to the broker and customer is now only 10-15 minutes.”

“Under the traditional paper process, this took between three to nine days, and for some brokers, we’ve been able to receive, inspect, reach decision and have the contracts with the broker – all within the same day.”

Broker feedback has played an important part in developing the innovation, offering brokers greater far visibility of the home loan process. For example, seconds after a new home loan is confirmed, e-documents are sent to the broker for review and then sent to the customer for e-signing.

In addition to the faster turnaround time, the new secure service maintains an electronic audit trail – a key request from brokers – and allows for faster amendments if any errors are found. It also greatly helps brokers who are not geographically close to some customers to be far more accessible to them.

The digital signing service is clear evidence of Bankwest’s commitment to the broker channel, according to MrRakhit.

“We’re in continual dialogue with brokers, and we’ll continue to listen to feedback to ensure we design products and services that meet their needs and customer and community expectations,” he said.

“We’re focused on building simple, friendly everyday digital experiences that reduce complexity and increase value for money and safety and security for brokers and customers.”

“Ultimately, we aim to be the best broker bank in Australia, and we’ll achieve this by continuing to work closely with brokers, who play such a critical role in creating value for customers.”

“In doing so, we in turn expect to continue to build trust and long-lasting relationships between brokers and Bankwest, which build towards realising our purpose, which is to improve the financial wellbeing of our customers and communities.”

Ian Rakhit
general manager, third party banking, Bankwest

Written by Ian Rakhit, general manager, third party banking, Bankwest

Last Updated: 14 March 2022

Published: 05 October 2020