Lender introduces digital VOI

New tech will help group maintain business as usual over prolonged period of social distancing

Lender introduces digital VOI


By Madison Utley

A non-bank lender has accelerated the rollout of the digital verification of identity (VOI) solution it began trialling last year given the unprecedented measures recently introduced around the COVID-19 pandemic. 

Liberty Financial has enlisted the aid of legal and compliance innovator, MaxID, which has recorded a spike in demand for its identity verification services for mortgages and conveyancing transactions. 

After successfully completing a pilot of MaxID’s VOI for home loans in 2019, Liberty began to implement the service to improve customer experience and remove the VOI burden otherwise born by brokers. Now, with the current social distancing rules around COVID-19, this process has been expedited.

“Accelerating the rollout gives great outcomes to lenders, borrowers and brokers during this unsettling time,” said Fraser Todd, co-founder of MaxID.

“The MaxID solution requires no physical contact between a broker, their client or lender.

“By using MaxID’s legal services, brokers and lenders can arrange for ‘safe harbour’ compliant identity verification to be completed anywhere in Australia with internet connectivity 24/7. Critically, given the current social distancing requirements, the interview can be conducted at home or at a location of the borrower’s choice.”

Caesar Ibrahim, head of residential operations at Liberty, explained that the ability to provide digital VOI became “business critical” over a very short period of time.

“Quickly adapting so we could continue to support customers and brokers during this challenging time, and help those most in need, was our top priority,” he said.

“Our main focus is to keep our loan applicants and broker network safe, while also achieving regulatory compliance.

“The MaxID solution was easily integrated into our existing business processes and has proved user-friendly. We were pleased that this service could be adopted with the same speed and agility that our team had to display to provide a seamless transition for customers and brokers,” Ibrahim concluded.

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