Positioning your bank for growth and compliance
Today’s biggest challenge for mortgage and lending institutions is continuing to responsibly help Australian consumers meet their desire to own their own home.
With the unpredictable impact of the 2020 COVID-19 pandemic, much of the Australian workforce has been forced into remote working and institutions are now needing to consider changes to mortgage origination, servicing processes, systems and monitoring tools, as they are no longer fit for purpose.
In December 2019, before the pandemic emerged, ASIC released its extensively revised Responsible Lending Regulatory Guide (RG 209). This version provides broad guidance on topics which have proved challenging, even before COVID-19, including issues around requirements and objectives, verifications and buffers. ASIC also released Report 643, detailing 40 examples of compliance when it comes to serviceability rules, in particular, customer verification processes, which has left it open to the banks to determine minimum standards or ‘safe harbour’ rules.
Safety
Is your customer assessment and suitability process following secure, contemporary systems and operational risk settings?
When recommending a suitable loan, verification of a customer’s identity, financial history and current information checks are a crucial component of the assessment of suitability.
Processing these checks digitally, in a speedy and accurate manner is key.
Customer Centricity
Can your customers interact with you ‘how they want’ and are they satisfied with the outcomes?
Customer centricity will require banks to work towards achieving good customer experience.
Being able to service customers digitally from origination through to delivery and servicing is key.
Digital Capability
Is your technology and handling of customer data set up for growth and compliance?
Capture and storing of data for compliance requirements is essential.
Using the right integrated technologies to your support your goals will create increased productivity and efficiency.
How InfoTrack can help
WebVOI
InfoTrack's cloud-based verification of identity (VOI) solution provides digital, secure capability that can be used anywhere, anytime.
This technology has been purpose built to verify your customer’s identity remotely by allowing them to safely upload copies of their identity documents. The documents are instantly checked against the Australian Government Document Verification System while facial recognition and video checks are also being done at the same time.
Optical Character Recognition makes uploading documents even easier for your customers without the need to enter data, and all of this can be done via a web browser on any smart device. A VOI completion report is returned back to the bank and you will know whether your customer has passed the check in minutes. This report represents an audit trail of the VOI and can be stored and retrieved for compliance purposes.
No need for your customers to visit the Post Office or wait in queues, and there is no delay to your customer application and assessment process.
InfoTrack offers different searches so you can better understand the person, property or company you are investigating.
Title Searches provide a one touch search for national property ownership, by both individual and company. Here you can confirm the status of a property mortgage as well as historical records of land transactions.
ASIC searches provide information on directorships including current or disqualified directors.
PPSR searches offer instant confirmation of any security over assets your client may have.
CreditorWatch reports
InfoTrack also has access to CreditorWatch reports that provide you with company extracts that show up to date credit status on the organisation.
Asset Search
InfoTrack’s Asset Search allows you to find relationships between an individual, their companies, properties and their assets. Asset Search allows you to understand your client’s financial history and efficiently prepare a complete report. Asset Search is a living workspace meaning that as new information comes to light, you can stay up to date. Asset Search uses authority searches (ASIC, LRS, PPSR, AFSA), combining information all in one place so you can remain efficient and productive.
Combined ASIC and PPSR report
Available inside REVEAL, you can download a combined ASIC and PPSR report on your client. The report will assist you in identifying and analysing areas of potential risk by collating data from multiple sources and highlighting areas where more research may be needed. The benefits of a combined report include:
- Reduced risk by ensuring your clients are provided with the full picture of their matter
- Saves time as company and PPSR data is summarised to allow faster information consumption
- Share insights easily as the report is supplied in a single pdf
Police Check
InfoTrack is accredited by the Australian Criminal Intelligence Commission’s (ACIC) National Police Checking Service (NPCS) to submit police checks.
Testimonials
What our clients are saying about InfoTrack's Banking and Finance products
“Partnering with a platform like WebVOI highlights the banks approach to improving the customer experience at every touch point.”
“By offering customers the option to digitally identify themselves through WebVOI in a time that face to face interaction is not always an option, our aim is to make the home loan application process seamless, and more convenient”

Hume Bank
“Having the new digital VOI process as an option is great news for brokers and their clients. It gets rid of a major potential hurdle in the application process and helps ensure a simpler and easier lending experience for all.”
“The digital VOI process is extremely simple for customers to complete by securely uploading photos of their ID documents and taking a quick video selfie. The platform then verifies the documents via DVS services, completes facial recognition and two-factor authentication, and provides the completed VOI certificate back to Heritage Bank.”

Heritage Bank
InfoTrack Banking and Finance in the Media
DiduSign? Why Lenders are exposed when their VOI goes stale