Connective has launched a software application which allows brokers to quality-check their documents at the touch of a button.
The new program, OneTouch, debuted at the aggregator's annual conference on the Gold Coast last week.
OneTouch uses patent-pending software to automatically processes documents specifically for mortgage brokers.
Developed by a Melbourne-based software company, OneTouch combines optical character recognition technology with algorithms that read scanned images, extract data and remove unwanted data from supporting documents provided by customers.
Hany Pham, managing director of OneTouch and a mortgage broker, says the reception at last week’s Connective conference was overwhelmingly positive. However, while the application has been officially released, it’s not yet available to most brokers.
“Generally we haven’t released it to brokers yet, we have to integrate it into aggregators’ own platforms.”
Pham says one of the biggest administrative problems that brokers face is document management.
“The list of documents that is required is just so diverse. There didn’t seem any software that would help process mortgage documents.”
In its first release, OneTouch will automatically censor sensitive information such as a tax file number from group certificates, tax returns and ATO notices of assessment. In future releases, Pham says the programme will automatically identify, split and rename a stack of documents into individual files, as well as extract data to self-populate CRM systems and fact finders.
“The newer version actually now works, however we need to undergo some very serious checking. We need to get the accuracy extremely strong before we release it to the public. I think OneTouch will do some good things for the industry – particularly for the one man brokers.”