Bankwest launches e-signing service for loan applications
CBA-owned Bankwest has unveiled the latest in its digital toolkit for customers, announcing the launch of a new e-signature facility for home loan applicants.
Built for both smartphone and web-based home loan applications, the e-signing service is expected to slash settlement processing times from 13 days to within 24 hours.
Through the service, customers will also be able to sign and return their home loan documents within “a matter of hours”.
A “12-hour window” will apply to for all applications, enabling brokers to review or amend the terms before the customer has seen the documents.
The WA-based bank is among the first in Australia to offer an e-signature service for home loan applications, providing what it says will be a more "seamless and frictionless experience for customers".
By reducing complexity for applicants, the e-signature service is also expected to lower the risk of errors and improve security, as well as provide a clear audit trail for the bank.
Ian Rakhit, Bankwest’s head of third party banking, said the bank had incorporated broker feedback into its design, promising greater visibility “over exactly which [home loan] documents have been issued and when”.
“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."
One of the key requests from brokers was to build-in an electronic audit trail, allowing for faster amendments if any errors are found, according to Rakhit.
Bankwest said it will continue to work with its brokers to develop products and services “to meet their needs”.
Beyond the expedited processing times, the new digital application service is expected to reduce Bankwest's paper usage by 2.3 million pieces per year (the equivalent of 760 trees and 57 tonnes of CO2). However, mortgage forms required by Land Title offices for property purchases and refinancing transactions will still need to be processed through a paper form.
In April this year, Bankwest also launched a Valuation and Policy Tool service for its brokers, allowing them to instantly view LVR (loan to value ratio) limits and maximum loan amount for the majority of postcodes in Australia.