How Australia Post is speeding up home loans
Getting a mortgage has historically been time-consuming, but a new partnership between Australia Post and DocuSign aims to take some of the pain away.
A number of big tech changes have come about since COVID-19 made us temporarily housebound, and these changes have digitised many processes and made getting a loan easier.
A new partnership between Australia Post and DocuSign takes it to the next level, allowing you to effectively ID yourself through a secure digital platform.
No more schlepping through peak hour traffic to visit your branch, or arranging a meeting with your mortgage broker to show evidence of your ID – now, your documents can come to you via the post, you verify your identity (VOI) through their platforms, and you’re all set.
Paul Cross, VP Customer Success APAC at DocuSign, says the launch of Australia’s first eSignature Digital iD solution will enable Australia’s real estate industry to offer one-step "100 point" ID verification.
“This eliminates the need for customers to prove their identity in-person in order to verify important documents, such as lease agreements,” he says.
By combining Australia Post’s Digital ID with DocuSign’s e-signature capability, it means that there are fewer verified copies of your ID floating around real estate offices, law firms and banks, as it eliminates the need for organisations to collect and store hard copies of sensitive identity documents.
How does the e-signature work?
Whether you’re opening a bank account, signing a lease agreement or verifying your identity for a home loan, this new partnership streamlines the current "100 Point" identity check across Australia, and it’s “definitely faster and more convenient than the old paper-based processes”.
“People save time because they don’t have to scan, print and send, or visit a financial branch in-person to provide physical copies of their ID’s,” Cross tells Finder.
“When manual processes are replaced with digital solutions, consumers also save time filling out the application forms and see faster application processing times, meaning they will ultimately get their [outcome] quicker.”
When I asked Cross whether this solution makes it more accessible for regional borrowers to process their home loans, now that they don’t have to physically visit branches, his response was a resounding “yes – definitely”.
“The great thing about using DocuSign with Australia Post Digital ID is that Australians can use any device to prove their identity, wherever they are in the country. Those in regional areas with a huge commute time can use this solution for a more accessible, faster and convenient experience when applying for a loan,” he confirms.
“For many, the bottleneck around ID verification has been the requirement to either provide verified copies of their documents or to visit an organisation in person with physical copies of their ID… We’re making it more efficient and frictionless for customers to prove their identity and access services.”