The ability for Australia’s banks to offer same-day home loans is set to become a reality thanks to a global e-signature platform.
DocuSign is an online program and mobile device app that allows businesses to securely sign documents electronically and send documents for electronic signature in just minutes.
Speaking to Mortgage Business, DocuSign’s vice president and managing director for Australia and New Zealand, Brad Newton, said the company is currently working “with most of the banks” to help them provide same-day mortgages.
“The banks have got a massive rush going on at the moment to digitise processes and disrupt the market,” he said.
“They all want to go to the market and say ‘Hey, we are the first bank to deliver on same-day home loans. You need to be a customer of ours because we can make it easy, convenient and fast for you to get a home loan’.”
With the help of DocuSign, Mr Newton said many banks will be going to market with this offering in the near future, and will be looking to work with brokers and aggregators to help deliver it.
“Banks want to attract new brokers, and the way that they do that is by making it faster, easier and more convenient to do business with them — DocuSign’s technology is a key piece of the puzzle to facilitate that,” he said.
“If banks can approve a home loan in one day and take weeks out of the process, brokers will prefer that every time.
“The banks aren’t trying to compete with brokers — they’re simply trying to speed the home loan process up, make it more convenient, and reduce costs.”
Mr Newton noted that DocuSign already has an agreement with CBA that has existed “for a couple of years”.
“The problem that they were trying to solve was around leasing agreements though,” he said.
DocuSign also recently partnered with fintech start-up HashChing, as well as e-conveyancing platform Rundl and Connective.