86 400 introduces new VOI system

Neobank 86 400 has announced that it is implementing a new identity system with Australian fintech OCR Labs to “further streamline both the customer and broker experience and provide added security enhancements using biometrics”.

The partnership is being rolled out following a successful pilot of the technology in the 86 400 call centre late last year. 

OCR Labs will now provide 86 400 customers with a simpler, contactless verification of identity (VOI) solution, which they can complete from their smartphone in two minutes.

Applicants are guided to take a photo of their ID documents, check their data has been captured correctly and then take a selfie with “liveness detection” to confirm their identity. 

Since its launch into mortgages in November 2019, the digital lender said it had been working to address both broker and customer pain points and offer a streamlined mortgage experience.

Robert Bell, CEO at 86 400, said: “We’ve kicked off 2021 as we mean to continue – with a slew of smart features already in production and partnerships in planning. OCR Labs is the first cab off the rank this year, providing our customers with a market-leading banking experience that’s smart, secure and convenient, underpinned by the very best home-grown Australian technology.

“Our focus is on continuing to streamline the application and approval processes, making it even easier for brokers and customers to do business with us. 

“After breaking our own records for home loan applications in November and December, our aim is to build on this momentum, ensuring even more Australians now have the opportunity to save thousands on their home loan,” he concluded.

Will Ryan, CCO at OCR Labs, said: “86 400’s innovative approach to mortgages is transforming the way Australians purchase and refinance properties. 

“Our latest biometric technology now plays a key part in 86 400’s home loans application process, verifying the identity of new mortgage customers securely and with ease.”

The digital lender’s announcement comes as the neobank prepares to be acquired by National Australia Bank in a deal estimated to cost approximately $220 million.

The acquisition is expected to complete later this year.

86 400’s VOI developments announcement follows movement towards improving technology in the finance sector such as the government’s announcement of an $800 million investment into its JobMaker Digital Business Plan, designed to enable businesses to take advantage of digital technologies to grow their businesses and create jobs.

[Related: NAB to acquire 86 400]