ANZ has announced its new digital signature and document execution process is set to launch one week from today, on 27 July.
It is undisputed the COVID-19 pandemic and associated social distancing measures have expedited the digitisation of the financial services sector, with smaller and more agile players having already broadly moved to provide digital verification of identity and e-signature capabilities. Now, come July, the major banks are joining in on the action.
ANZ eSign will enable a range of application forms to be signed digitally in both LoanApp and ApplyOnline – “saving significant time, as well as reams of paper”, according to the bank.
The new capability targets new and existing home loan customers requesting either a new home loan application or even a Streamlined Credit Critical Renewal (SCCR) or Non Credit Critical Renewal (NCC).
The full breadth of documentation able to be signed digitally includes a home loan Application Form, Statement of Position, Breakfree Form, Email Consent Form, Applicant Guarantor Declaration and Guarantor Self Declaration.
However, customers who are unable to or would simply prefer not to sign their documents digitally are still able to physically sign them.
All home loan documentation not listed above will continue to be signed in accordance with standard procedure, including post-approval documents. The ANZ operations teams will use existing delivery methods to send documents such as the Letter of Offer to the customer, which will need to be executed with physical signatures.
Brokers have been encouraged to inform their customers of ANZ’s new digital signature capabilities from the launch date next Monday. Before using the ANZ eSign functionality, however, they must obtain the consent of the customer to receive documents electronically.
ANZ also announced it will be hosting a webinar on Thursday, July 23 to walk brokers through the eSign process and make sure they are ready for its rollout the week following.