Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Bankwest implements e-signatures to boost lending capacity

Bankwest

New technology is making banking approvals quicker and easier, despite increased regulation post-banking royal commission, a lender has said.

Commonwealth Bank-owned Bankwest is the latest lender to announce that it has slashed service times for mortgages in a bid to gain new customers and is using e-signatures to do so.

According to the bank, lending times have become an issue for regulators who are facing scrutiny over the length of time it takes to get a mortgage approved.

Bankwest’s executive general manager of customer experience, Andrew Chanmugam, said new digital signing technology will help brokers deliver better and faster services.

Advertisement
Advertisement

“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,” he explained. 

For Bankwest’s head of third party banking, Ian Rakhit, broker feedback has played an important part in developing the bank’s innovation in the area, which has had the effect of offering brokers greater visibility of the home loan process.

“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 continued. 

Bankwest implements e-signatures to boost lending capacity
Bankwest
nestegg logo

Cameron Micallef

Cameron Micallef is a journalist at Nest Egg, writing primarily about personal wealth and economic markets. 

Prior to this, Cameron worked for Australian Associated Press. He graduated from the University of Wollongong with a double degree in communications and commerce.

You can contact him on: This email address is being protected from spambots. You need JavaScript enabled to view it.

subscribe to our newsletter sign up
FROM THE WEB
Recommended by Spike Native Network
confused - are these pre or post tax being deducted? It talks about take-home pay so just want to clarify....
Anonymous - The problem is massive over-metroplitanisation. Income tax and GST bias businesses to locate where they can get customers and workers for less effort.......
Skeptic - Having money squirrelled away in superannuation is comforting in some ways, but I am concerned that Australians have nearly three trillion dollars in.......
Dr Livingston - Not so long ago, 5% unemployment was the sought after quantification by the RBA that the economy was doing well. This chase to zero sends unnecessary.......