Bankwest launches new mortgage processing tool

Bankwest has launched a new e-signing service, which it expects to “significantly reduce” the time it takes brokers and customers to apply for a home loan.

According to Bankwest executive general manager of customer experience Andrew Chanmugam, the digital signing service would help brokers deliver “better value” and ensure a more “seamless and frictionless experience” for customers.

“Customer needs are changing fast, and we’re prioritising investment in our digital and broker offering to ensure we can continue to meet customer and community expectations,” he said.

“Currently, it takes around 13 days for a new home loan to be ready for settlement, but with digital signing, this can be reduced to less than four working days for new home loans and to within 24 hours for increases to existing loans.

“E-signing enables customers to sign and return their documents in a matter of hours, and the e-signature can even be made on a smartphone; it’s simply a better experience for customers.”

Bankwest head of third party banking Ian Rakhit added that the bank sought input from the broker channel when developing the e-signing service and identified the need for greater visibility of the home loan process.

“Our investment in digital signing gives brokers much greater visibility over exactly which documents have been issued and when,” he said.

“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.

“In addition to the faster turnaround time, the new secure service maintains an electronic audit trail – a key request from brokers – and allows for faster amendments if any errors are found.”

Mr Rakhit concluded: “We’re in continual dialogue with brokers and we’ll continue to listen to feedback to ensure we design products and services that meet their needs and customer and community expectations.”

[Related: Bankwest cuts serviceability assessment rate]