The new feature uses facial recognition algorithms to compare a customer’s face with a photo from a passport or driver’s licence over a video chat, and connects with the Attorney-General Department’s documentation verification system to confirm the authenticity of the ID, HashChing said.
The firm said digital identity verification will speed the home loan process up by several days by removing the need for brokers and clients to meet face-to-face.
HashChing’s chief executive Mandeep Sodhi said current know-your-customer verification was a “major pain point for most mortgage brokers”, and digital verification would speed the process up.
“Australia is still behind its global peers when it comes to the mortgage application process. This new feature we’re piloting enables consumers to connect to our partner mortgage brokers in the way that is most convenient to them, whether by laptop, tablet or smartphone,” he said.
The system, which was developed in conjunction with consulting firm E4, will be trialled with a test group from 1 December 2016.
