Bankwest has announced the launch of a cybersecurity tool it says will support national home loan growth.
Bankwest’s DocBox system enables the secure transfer of documents between brokers and the financial institution. The new tech solution enables brokers to transfer files directly to their unique case owner. This means they are no longer required to provide supporting documents for home loan applications to Bankwest via email or third-party services.
Bankwest said the change is a significant step in keeping customers’ data safe, with its Safe and Savvy Report into scams identifying more than 70 business email compromises in the past year.
DocBox was developed starting mid-2021, with Bankwest undertaking research and usability testing with brokers, before a pilot launch in April 2022, which involved more than 185 brokers providing input and feedback.
DocBox has also been integrated with specific backend systems that ensure increased document security and that support information linking directly with the relevant application, improving efficiencies for brokers. The submission is then flagged with the application’s unique validating colleague under Bankwest’s case ownership model, improving efficiency and experience, and supporting a faster time-to-approval.
“DocBox not only provides brokers and customers peace of mind in the security of information, but also improves the efficiency of the submission process, meaning a faster and better home loan experience for everyone,” said Ian Rakhit, Bankwest general manager third party. “Bankwest now has a fully digital home loan process, creating a far simpler and more efficient experience for brokers and their customers, while our Broker Portal empowers users to self-serve most of their needs on demand.”
