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ING Direct has streamlined its customer verification process by extending its pilot program with Veda’s ZipID to brokers across the country.
The bank announced this week that the process would minimise the administrative burden of ID checks for brokers and their clients, and speed up the application and approval process.
ING Direct head of third-party distribution, Mark Woolnough, said the bank was the first in the industry to pilot ZipID in late 2015.
“The feedback has been fantastic, so we’re now making it available more broadly. Borrowers love it because of its flexibility and convenience, and brokers stay in control of the application process,” Mr Woolnough said.
“ZipID can make a huge difference to the home loan application process, essentially removing a pain point for both borrowers and for brokers.”
The bank’s decision to expand the ZipID customer verification process will enable it to support brokers who do not operate a face-to-face business model.
The new process enables brokers to deliver a strong customer experience through a personalised service that removes the need for paperwork and fits into the borrower’s schedule. The bank noted the system has also proven to accelerate the approval process by up to three days.
According to ING Direct, the ZipID customer verification system has four simple steps:
1. The broker uses an online system to book a verification appointment at a time and place that suits their customer
2. A trained ZipID representative meets with the customer and performs a secure ID image capture
3. ZipID’s internal quality assurance team cross-checks all identify information
4. The ZipID certified verification report (AML KYC and VOI) is securely delivered in PDF format to the broker and ING Direct
According to research by Roy Morgan, ING Direct was the top performer of the banks for home loan satisfaction in the six months to April, at 94.3 per cent, followed by Bendigo Bank at 93.3 per cent and ME at 91.2 per cent.
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James Mitchell
AUTHOR
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.