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A Sydney software developer expects 20 per cent of mortgage brokers to be using its new verification app by the end of the year.
MOGO has spent the past 14 months developing MOGOcheck, an app that will allow brokers to get on-the-spot verification of their customers’ bank details, said company founder Andrew Clouston.
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Customers will be able to access their bank statements online, with the data encrypted so brokers and lenders can be sure that documents haven’t been tampered with, he said.
“It speeds up the process, reduces the risk of fraud and allows the broker to provide an extremely convenient mechanism for the customer to provide them with the data they require. It’s really a win for all parties,” he told The Adviser.
Mr Clouston said a UK firm would become the first customer in March. He also said MOGO was in advanced talks with a Sydney-based online mortgage broker and five other Australian clients from the auto finance and micro finance sectors.
MOGO has set itself the target of registering 20 per cent of Australian mortgage brokers by the end of 2014, he said.
Mr Clouston said the aggregators he had spoken with were were interested in the app’s potential to boost efficiency and reduce fraud.
He added that client confidentiality prevented him from releasing any names.
