Social distancing restrictions to manage the spread of coronavirus have led to Bankwest developing a faster home buying experience, as it edges closer to an end-to-end digital solution.
Bankwest has today rolled out an electronic identification (eID) process for new home loan applications, ensuring brokers are now able to remotely verify the identity of customers.
The eID solution is coupled with Bankwest also now accepting digital submissions of its Identity Verification and Privacy Consent forms for all (new-to-bank and existing) customers.
The change in process means customers are no longer required to attend a Bankwest branch or Australia Post outlet to verify their identity in person*.
The solutions mean Bankwest has now created an end-to-end digital homebuying experience for all parts of the process it controls, following the launch of digital signing 18-months ago.
Digital signing is able to reduce the processing time of new home loan applications by two weeks on average, with faster proofing/error-checking and a more robust digital audit trail.
Mortgage documents still require a wet signature (hard copies) as per relevant Land Title Office requirements.
Bankwest GM 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.
“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.”
* Please note: the eID process has been implemented as a temporary measure during coronavirus restrictions and its continuation post-restrictions will be considered in due course.
Bankwest’s vision is to deliver brilliant customer experiences that matter and our purpose is to improve the financial wellbeing of our customers and communities. Bankwest provides personal and business banking solutions for more than 1.1 million customers across Australia. Our customers enjoy access to an extensive network of branches and business centres, direct and third-party distribution channels, agencies and electronic banking facilities, as well as 24-hour banking on the telephone, internet and the Bankwest App. Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit license 234945.