NextGen.Net has integrated a new service into its ApplyOnline platform, one chief customer officer (CCO) Tony Carn has dubbed a “real game changer.”
The Document Verification Service (DVS) is a national online system that enables one to immediately compare a customer's identifying information with government records.
Fully integrated with ApplyOnline, the DVS provides electronic validation of government-issued documents, such as birth certificates, citizenship, drivers licence, marriage certificates, Medicare and passport information.
Carn explained, “Accessibility to the DVS service means that ApplyOnline instantaneously checks and validates all relevant documents on all 22 government databases.
“The benefit is immense. Brokers will no longer need to source copies of identity documents, and lenders don’t need to validate them because they’ve been auto-validated within ApplyOnline. [As such,] customers gain a faster turnaround time.”
Identity-related documentation reworking and missing information related requests are “two key issues” that slow down loan approval time; further, manually validating identity documents often leads to input errors which in turn delay application approval.
“The ApplyOnline DVS integration eradicates all that. It’s an efficient, seamless and contemporary method for verifying identity,” said Carn.
“So much of what we do is about quality at the point of sale and digitising and removing paper from the application process. This is a very important step towards attaining that end goal and accomplishing straight-through processing.”
A number of lenders are currently in the process of rolling out the DVS functionality and therefore “maximising their use” of ApplyOnline.
“This is yet another instance of our team being proactive in order to make lending easy,” Carn concluded.
