Bankwest's Ian Rakhit on building a top digital home loan experience
Keeping pace with technology is vital for success in the mortgage industry – but it can be a challenge. Bankwest has addressed this by building a “one-stop shop” to simplify things.
MPA recently chatted with Ian Rakhit (pictured above), Bankwest general manager for third party, about how the bank collaborated with brokers to build an industry-leading digital home loan experience.
“We’ve invested significantly in digital innovation over the past few years to create a more efficient experience for customers and brokers alike,” Rakhit said.
Bankwest’s Broker Portal system is a simple, efficient service that includes features such as live broker chat and application tracking. It aims to help brokers by saving them time by cutting down tedious and repetitious paperwork.
“[It] means our brokers can focus more on meeting the needs of their customers, having more meaningful conversations with them at the right time, and enables them to deliver a brilliant experience,” Rakhit said.
Bankwest’s digital home loan process allows customers to sign their documents digitally from any device. The system also sends documents to the broker 12 hours before sending them to the customer, allowing for last-minute errors to be caught. The system significantly reduces the amount of manual documentation while meeting all due-diligence and regulatory requirements.
Other features that were revised after broker feedback include moving the offset and card products to optional in the Complete Home Loan Package, Rakhit said.
“This was welcomed by brokers, who see the benefits of the package in terms of flexibility and rate,” he said.
Bankwest has also made upfront valuations free for all brokers, and extended the DocuSign feature to home loan transfers.
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Rackhit said brokers liked the system because it was continually evolving to meet their needs. The system also includes some features that aren’t available from competitors, such as the ability to not only lodge and track new applications, but to view existing loans.
“This [feature] means brokers can now use the built-in repricing tool to self-serve the best possible interest rate for customers on the spot, which helps Bankwest retain customers, brokers provide an efficient experience, and customers to get the best deal available,” Rakhit said.
