When it comes to brokers meeting with clients, social distancing sure has thrown a spanner in the works.
So, in the case of VOI, lending professionals have been quick to look for alternatives that ensure the health and safety of both broker and borrower, without delaying the application process.
MPA spoke with InfoTrack CEO John Ahern about its cloud-based solution, WebVOI, off the back of its COVID-19 Care Package launch.
WebVOI use has surged since last month.
According to Ahern, InfoTrack has completed more than 160,540 VOI orders since it launched its verification of identity solution in 2015. Predominately used by lawyers and conveyancers, the technology has also been taken up by some financial institutions and banks as well as accountants.
He says the use of WebVOI has surged since social distancing guidelines came into effect last month.
“WebVOI has seen a spike in client usage by 43% since mid-March 2020 and is helping the legal profession stay healthy whilst adhering to social distancing guidelines and protecting from identity fraud,” he says.
The online solution allows customers to securely share identity documents. These are then checked against government records using cutting edge technology. Facial recognition checks are also performed.
“It offers four layers of verification, including video, facial recognition and checks against Australian Government databases, and is an established, trusted solution already being used by lawyers to meet ARNECC’s VOI obligations,” says Ahern.
“The four layers of identity checks and cross referencing with Australian Government databases, ensures your client is who they say they are. And in the case where fraudulent documentation may be used, detection is possible.”
Keeping business strong throughout COVID-19 and beyond.
Ahern says the technology offers a solution for brokers to verify the identity of customers during social distancing restrictions without causing delays in the application process.
“WebVOI helps a broker’s business as it gives peace of mind without stalling your customer’s finance needs.”
“WebVOI also eliminates the need to share copies of important identity documents via email, including passports and driver’s licenses.”
He says the convenience of the solution means brokers can help to deliver better client outcomes by saving time-poor clients a trip to the post office.
He also says this benefit could be extended beyond the COVID-19 crisis, for times when clients are away on holidays or are too busy to meet face-to-face.
Other solutions on offer.
Aside from its VOI technology, Ahern says InfoTrack has another digital solution that could help brokers improve their systems and processes.
“SignIT allows brokers to upload any document and send it to relevant parties via a secure email link.”
“Parties can then review and sign the document online from any location.”
“You can track who has signed the document on the SignIT dashboard and once all parties have executed, everyone receives a final signed copy.”
He says the use of this technology could save brokers time and money while providing secure access in a convenient way.