- New digital signing service saves time and reduces complexity for customers and brokers
- E-signatures on loan documents can be made on a smart phone or computer
- Digital service reduces risk of errors and improves security with clear audit trail
Bankwest has launched a new digital signing service, which significantly reduces the time it takes brokers and customers to apply for a home loan.
Bankwest Executive General Manager of Customer Experience Andrew Chanmugam said Bankwest was proud to be one of the first in Australia to offer digital signing, helping brokers deliver better value and ensuring a more seamless and frictionless experience for customers.
“Customer needs are changing fast and we’re prioritising investment in our digital and broker offering to ensure we can continue to meet customer and community expectations,” he said.
“Currently it takes around 13 days for a new home loan to be ready for settlement but with digital signing this can be reduced to less than four working days for new home loans and to within 24 hours for increases to existing loans.”
“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.”
Bankwest Head of Third Party Banking Ian Rakhit said broker feedback played an important part in developing the innovation, offering brokers greater far visibility of the home loan process.
“Our investment in digital signing gives brokers much greater visibility over exactly which documents have been issued and when,” he said.
“Thanks to the digital signing service, seconds after a new home loan is confirmed, e-documents will be sent to the broker for review and then 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.”
“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.”
- The new digital signing service has a built-in review function. This has been designed to enable brokers to:
a. utilise a 12hrs window to review and if necessary amend, the terms before the customer has seen the documents
b. inform their customer of the successful approval of home loan.
- While all bank documents can be signed electronically, the mortgage forms required by Land Title offices for property purchases and refinance transactions will require the customers to print and return a single paper form.
- Digital signing excludes home loan transfers. Other exclusions apply.
- Customers must have access to a device (computer or tablet recommended) with internet and email access.
- Currently it takes around 13 days for a new home loan to be made ready for settlement. With the new digital signing service, this can be reduced to less than four working days for new home loans and to within 24 hours for increases to existing loans.
- The service, which is set to reduce Bankwest’s paper usage by 2.3 million pieces of paper per year (the equivalent of 760 trees and 57 tonnes of CO2), has been rolled out incrementally to Bankwest’s proprietary lenders and the wider broker channel.