The Commonwealth Bank of Australia (CBA) has announced that it will make DigiDocs available for customers with a home loan in NSW, Victoria and South Australia from today (29 March).
The digital signature solution – which uses the DocuSign platform – will allow CBA’s home loan customers to access, review and sign their home loan documents digitally.
Customers will be able to access review, sign, save and return their digital documents on their personal device, and can receive, sign and return documents in a few hours, which the CBA said would lead to faster settlements.
The major bank also said that documents will be sent directly to the customer anywhere in the country or around the world where they can access their device.
The signature solution includes signing tags and input fields, and provides a secure platform for customers with an electronic audit trail, CBA added.
CBA said it will roll out DigiDocs to all eligible customers in a “phased approach” over the coming months (lender adoption of digital signatures and other digital solutions in the mortgages process, particularly during the COVID-19 crisis, has been explored further in the April edition of The Adviser magazine).
Commenting on the launch of the digital signature solution, CBA general manager, third-party banking, Adam Croucher said: “The coronavirus pandemic challenged the way we did business. It also presented opportunities to create efficiencies in how we use our best-in-class technology to better serve our customers.
“I am proud that we were able to pilot the DigiDocs process during the pandemic, and the feedback from brokers has been positive. Sending and receiving home loan documents digitally will make a big difference for all brokers, not only those with customers impacted by the coronavirus restrictions.”
CBA recently announced that from mid-2021, it will roll out a buy now, pay later offering for customers, which can be used wherever Mastercard debit and credit card payments are accepted.
[Related: Bank introduces digital signatures]
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Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.
Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.