1000s of Australian Brokers Join Best Interest Duty Focused Platform

Nick Allen
Mar 16, 2020 1:26:16 PM

Using the platform as part of their best practice toolkit to meet BID ( Best Interest Duty) obligations, Australia's leading aggregators and brokers have chosen FileInvite for their expertise in client data collection. 

The Australian mortgage industry is responding to recently released guidance from ASIC. The industry wants tech solutions that meet compliance and security obligations, that also provide no additional burden on brokers, and deliver operational efficiencies. In February alone, FileInvite saw over 1000 new brokers using their technology and services.  

FileInvite not only provides borrowers with a simple and secure client portal, but also seamlessly feeds data and documents into a broker's CRM and cloud storage, eliminating the risk of human error through manual data entry.

How does FileInvite help meet BID ( Best Interest Duty) obligations?

SAFE HARBOR OBLIGATIONS UNDER BID
  • Identify the client’s needs and objectives;
  • Identify the subject matter of advice sought by the client;
  • Make reasonable enquiries to obtain complete and accurate information, that meet BID and therefore responsible lending obligations;
  • Assess whether the adviser has the expertise to provide the advice;
  • Research products that might meet the needs and objectives of the client;
  • Base all judgement on the client’s needs and objectives; and
  • Take any other step that would reasonably be regarded as being in the best interests of the client.

Borrowers receive an invite to a secure client portal, kick starting the advice and best interest process.

They can complete fact find forms online, provide their most recent Bank Statements and brokers can request supporting documents.

Detailed instructions, give clarity as to why a document is required and how it impacts on their ability to offer advice around the best product to meet the borrower needs and objectives.

The secure and intuitive client portal leaves a lasting first impression with clients, helps drive new business and is a massive boost to productivity. Three key metrics for incorporating any software into a  mortgage broker's business plan.         

 

Safer than email attachments

91% of cyberattacks are initiated via email. It's in your customers’ best interests to get their PII data (Personally identifiable information) and financial records out of your email inbox.

With a central document collection platform like FileInvite, the document collection process is ring fenced and out of your inbox. All client applications and supporting documents pass through one single platform recording full audit logs of all files, chat and messages in the system for each client. A perfect tool to appease the auditors and evidence BID and Safe Harbour practices.

FileInvite's native bank statement integrations ensure accurate, relevant and timely financial records are matched to discovery documents and other supporting files.

 

Eliminate paper documents and manual data entry

Clients can sign disclosure statements and any contracts digitally within the platform and live form technology allows you to extract data and documents for passing directly into CRM, calculators and other internal tools.

What's more, FileInvite templates ensure the entire team adhere to common procedures and are using the latest up-to-date version of disclosure statements and agreements.

Perfect as the industry transitions from draft proposals to final guidelines.

virtual meetings and BID compliant document collection

Make FileInvite part of your BID compliance process.

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