The new feature, was trialled with a small test group recently, will enable HashChing brokers to satisfy the strict ‘know your client’ (KYC) banking regulations using a completely digital process.
KYC verification, which is typically conducted with time-consuming face-to-face meetings, will be accomplished via video call.
An advanced facial recognition algorithm compares the customer’s face with the picture on their driver’s license or passport in real-time.
The system also connects to the Attorney-General’s Department’s Documentation Verification Service (DVS), which confirms the authenticity of presented ID against government databases within seconds.
The digital verification system speeds up the home loan process and for brokers, it can make all the difference between a cancellation and a converted lead.
“Australia is still behind its global peers when it comes to the mortgage application process. This new feature we’re piloting enables consumers to connect to our partner mortgage brokers in the way that is most convenient to them, whether by laptop, tablet or smartphone,” said HashChing’s CEO and co-founder Mandeep Sodhi.
“KYC verification is a major pain point for most mortgage brokers, and this new virtual ‘verification of identity’ (VOI) solution reduces both the cost to lenders and the overall time to complete the mortgage application process.”
HashChing co-founder and COO, Atul Narang, said that HashChing is aiming to digitise the entire home loan process to make it easier for customers.
