In its first move since the news broke it was being acquired by NAB, 86 400 has partnered with an Australian fintech to “further streamline” its customer and broker experience in the mortgage space.
OCR Labs delivers a new Verification of Identity (VOI) system to the group, introducing additional security enhancements to the neobank’s processes through the use of biometrics; the latest development further refines the streamlined experience 86 400 has aimed to provide since its launch.
According to Robert Bell, 86 400 CEO, today’s announcement is just one of many the neobank plans to make in the coming year.
“We’ve kicked off 2021 as we mean to continue – with a slew of smart features already in production and partnerships in planning,” Bell said.
“OCR Labs is the first cab off the rank this year, providing our customers with a market-leading banking experience that’s smart, secure and convenient, underpinned by the very best home-grown Australian technology.”
The Verification of Identity (VOI) solution provided by OCR Labs can be completed via smartphone in as little as two minutes. Rather than needing to meet face-to-face, home loan applicants are able to take a photo of their ID documents, ensure their data has been captured correctly and take a selfie with liveness detection to confirm their identity.
OCR Labs CCO Will Ryan celebrated being able to be part of 86 400’s innovative approach to mortgages, which he says is “transforming the way Australians purchase and refinance properties”.
“Our latest biometric technology now plays a key part in 86 400’s home loans application process, verifying the identity of new mortgage customers securely and with ease,” he added.
The groups’ partnership was finalised following a successful pilot of OCR Labs’ technology in the 86 400 call centre late last year.
According to Bell, 86 400’s focus moving forward will be on further streamlining the bank’s application and approval processes.
“After breaking our own records for home loan applications in November and December, our aim is to build on this momentum, ensuring even more Australians now have the opportunity to save thousands on their home loan,” he said.
