Lenders urged to discard ‘high-risk’ processing methods

The current crisis should be used as an opportunity for lenders to overhaul their processing platforms and embrace new technology, according to fintech NextGen.Net.

NextGen.Net’s chief customer officer, Tony Carn, has urged the lending industry to capitalise on the current necessity for contactless workplace arrangements by embracing new technology.

“From online telehealth apps to remote working, to new ‘zero-contact’ retail offers, the speed at which Australians are embracing technology is unprecedented, and it has many structural implications to the current lending landscape,” he said.

According to Mr Carn, the COVID-19 pandemic has underscored the “urgent need for the lending industry to “eradicate clunky and high-risk manual processes”, which he said are not viable in a “compliant, secure and virtually enabled world”.

Mr Carn pointed to NextGen.Net’s Document Verification Service (DVS) and e-Sign solutions, which form part of the ApplyOnline platform.

The NextGen.Net executive claimed that such tools enable both lenders and brokers to digitally verify a borrower’s identity more efficiently, by integrating federal and state government databases to facilitate access to government-issued identity documents.

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Source: Lenders urged to discard ‘high-risk’ processing methods – Mortgage Business