Sydney, Australia, Nov 6, 2017 -- Westpac has processed its first live home loans through its new technology platform, the Customer Service Hub, with the bank saying the initiative aimed at speeding up and simplifying the home loan process as its largest transformation program to date.
In a statement, Westpac's chief executive of Consumer Bank George Frazis said the process to send and receive all customer loan documents currently takes 12 days, using the hub, finalising a home loan will happen digitally in less than a day.
"This is at the heart of Customer Service Hub -- a frictionless, faster home loan experience that guides and supports the customer through the key moments of buying a home, no matter how they choose to engage with the bank," he said.
"From accepting a home loan online, to personalising the terms and conditions to the customers' loan requirements, and tracking the home loan application anywhere, anytime -- these are just some features of the Customer Service Hub that will enable a customer to know what is happening at every step of their home buying journey."
In re-engineering the home loan process, Westpac hopes to digitise the end-to-end home loan origination process by 2020.
Although building out tech from within, Westpac said it is actively responding to digital threats and opportunities through other areas in a bid to encourage digital innovation "inside, adjacent, and outside" the group.
"In this way Westpac can both learn directly, and gain access to emerging fintech developments," the bank told shareholders.
Customers of Westpac, as well as St George, BankSA, and Bank of Melbourne, are now able to log into internet banking on their new iPhone X using Apple's Face ID facial recognition function.
In a blog post made early Saturday morning, Travis Tyler, GM of Consumer Digital at Westpac, revealed the bank is planning to update its apps to support facial recognition for Android in the future, should the functionality become available.
"The uptake of fingerprint log in for supported devices has only continued to grow, particularly among millennials, as the technology becomes more readily available," Tyler wrote. "Now it's the next evolution of biometrics in banking, where customer interactions are less about what they can remember and more about who they are. It's only likely to further grow as data is opened up.
"The next phase will involve how your digital footprint is becoming your digital DNA, with you everywhere you go and helping keep your data and money safe."
Posted by Veronica Silva Cusi, news correspondent
About Westpac Banking Corporation:
Westpac, is a multinational Financial services company and became the largest bank in Australia (by market capitalisation) after it took over St George, and the second-largest bank in New Zealand.
Published: Tuesday, November 7, 2017
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