The COVID-19 pandemic has underscored the “urgent need” for the industry to eradicate its remaining “clunky and high-risk manual processes”, according to the primary technology provider to the mortgage lending industry.
NextGen.Net chief customer officer, Tony Carn, highlighted that outdated systems are no longer viable if financial services hopes to be part of Australia's gravitation towards a “compliant, secure and virtually-enabled world”.
As such, the lending industry has been called to embrace the widescale digitisation sweeping the country.
“The speed at which Australians are embracing technology is unprecedented; and it has many structural implications to the current lending landscape,” said Carn.
NextGen.Net have preached the importance of tech long before the spreading virus and social distancing measures threw a wrench into the normal processing of the industry.
Both the group’s Document Verification Service (DVS) and e-Sign solutions were launched before the pandemic to further digitise the loan application process within the secure environment of ApplyOnline.
Now, not long after its launch, the DVS has become more crucial than ever as it enables lenders and brokers to undertake borrower identification digitally and respect social distancing measures.
“The DVS facilitates, checks and validates relevant identity documents on all 22 government databases in a millisecond,” said Carn.
e-Sign allows for the sourcing of digital signatures, eradicating duplication and error, minimising fraud and saving time by eliminating the need to print an application form and collect a ‘wet signature’.
“Customers can sign documents quickly regardless of their location – reducing time to approval,” said Carn.
“This is NextGen.Net being proactive in order to make lending a simple and easy process from any location and on any device.
“DVS and e-Sign are necessities in a robust, safe, compliant and efficient infrastructure; and increasingly so in a world where ‘no-physical-contact’ customer solutions are now the norm."