Bankwest launches bespoke data protection tool

11 November 2022

Bankwest has launched a unique cyber-security tool designed to protect customer data, with its bespoke DocBox system enabling the secure transfer of documents between brokers and the financial institution.

The launch of DocBox is the latest example of Bankwest’s investment focus in its digital and broker services to support national home loan growth and meet changing customer needs.

The tech solution means brokers no longer need to provide supporting documents for home loan applications to Bankwest via email or third-party services, and instead transfer files directly to their unique case owner.

The change is a significant step in keeping customers’ data safe, with Bankwest’s Safe and Savvy Report into scams identifying more than 70 business email compromises in the past year.

Development of DocBox began in mid-2021, with Bankwest undertaking research and usability testing with brokers, before a pilot launch in April 2022, which involved more than 185 brokers providing input and feedback.

The initial response from brokers was significant and overwhelmingly positive for the unique tool, with an average of more than 160 submissions and 800 documents a day sent to Bankwest in the first week of full rollout.

DocBox has also been integrated with specific backend systems that ensure not only increased document security, but improved efficiencies for brokers, with the supporting information linking directly with the relevant application.

The submission is then flagged with the application’s unique validating colleague under Bankwest’s case ownership model, improving efficiency and the experience, and supporting a faster time-to-approval.

Bankwest General Manager Third Party Ian Rakhit said: “Bankwest strives to be the best bank for brokers in Australia and we’re committed to meeting the changing needs and expectations of our critical broker network.

“We’ve made a commitment to investing in digital solutions that help create the best possible experience for customers, and the development of DocBox is a significant example of that.

“DocBox not only provides brokers and customers peace-of-mind in the security of information, but also improves the efficiency of the submission process, meaning a faster and better home loan experience for everyone.

“Bankwest now has a fully digital home loan process, creating a far simpler and more efficient experience for brokers and their customers, while our Broker Portal empowers users to self-serve most of their needs on-demand.

“None of this could be achieved without the input and ongoing support of our critical broker network, and I want to thank all those brokers who worked with us to ensure DocBox was a tool that met their needs and expectations.

“Bankwest strives to serve more home loan customers nationwide and, with more than 90 per cent of disbursals on the east coast broker-originated, we look forward to continuing our collaborative relationship with brokers.”

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