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The lender has implemented the eSign feature into its lodgement system to enable brokers to use digital signatures in home loan applications.
Auswide Bank has implemented NextGen’s eSign feature on the ApplyOnline platform, enabling digital signatures on mortgage applications.
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As such, mortgage brokers can now use digital signature functionality for Auswide Bank home loan applications. This will reportedly save time and costs by removing the need for paper-based ‘wet’ signatures’ and reducing the likelihood of delays due to missing or illegible signatures.
The eSign functionality can be found for compatible document conditions on the Documents tab in ApplyOnline.
Brokers can generate a signature request for their clients and retrieve signed documents, all within ApplyOnline. The signed documents are automatically verified and attached to the application.
According to the non-major bank, the technology was adopted to streamline and elevate its brokers’ experience, thereby delivering better service and greater value to brokers and their customers.
Damian Hearne, Auswide Bank’s chief customer officer, said: “Our focus is on the enabling of brokers and their customers by developing straight-through processing and reducing reworks in home loan applications.
“The implementation of eSign aligns perfectly with our strategy to invest in technology that benefits all.”
Auswide Bank said that it has plans to further advance its digital capabilities, including by introducing additional tools that will “enhance the broker and customer experience in the near future”.
Tony Carn, the chief customer officer of NextGen, said: “We’re thrilled to partner with Auswide Bank in bringing eSign to their brokers through our ApplyOnline platform. This feature significantly improves the mortgage origination process from end to end by enabling electronic capture of signatures on print forms, reducing paperwork and speeding up the application and assessment process.”
The adoption of new technology comes as Auswide Bank continues its move to merge with Tasmanian-based lender MyState Bank.
Earlier this week it was revealed that Auswide directors have unanimously recommended that Auswide shareholders vote in favour of the scheme (in the absence of a superior proposal being offered) when the vote is held on 2 December.
The conclusion was made by the board after directors conducted an assessment of the merits of the scheme and found that there would be “potential cost synergies” realised by a merged group – expected to be between $20 million and $25 million per annum – and benefits from the increased market capitalisation (estimated to be around $635 million) relative to Auswide being a stand-alone group (such as increased future dividends).
“The Auswide Board believes the scheme represents an opportunity to build scale and position the Merged Group to deliver better outcomes for customers, staff and shareholders,” the Auswide chair Sandra Birkensleigh said in a letter to Auswide shareholders included in the scheme booklet.
“By merging two high-quality, complementary banks with aligned operating models, the Auswide Board believes that there is the potential to unlock efficiencies, synergies and growth opportunity which may in turn deliver a positive return to shareholders.
“Other benefits that have been identified having a larger portfolio of home loans across more geographies and risk profiles; greater revenue diversification, benefits of scale such as higher cost efficiency and negotiating power with suppliers, and greater access to governance and management talent.”
[Related: MyState/Auswide merger in ‘best interests’ of shareholders]
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