Bank Australia Experiences Fewer Backlogs & a Faster 'Time to Yes'
IN THIS STORY:
- Bank Australia integrates new technologies to reduce document fraud and streamline income verification
- Using FileInvite and Fortiro Protect, Bank Australia shortens decision cycle times, reduces origination costs, and improves their overall customer experience
- Accelerating “Time to Yes” with FileInvite and Fortiro Protect
- The Backstory: Addressing Email Security at Bank Australia
- FileInvite's Role in Bank Australia’s Transformation
- Fortiro's Contribution to Bank Australia's Digital Journey
- Elevating Customer Experience at Bank Australia
- Benefits of FileInvite’s Integration
“FileInvite and Fortiro have made document collection and verification easy. We send our customers an invite requesting information, and the software does the rest. It automatically follows up, issues reminders, and sends all scanned documents to a single portal. We have removed all our previous processing pain points, meaning fewer backlogs and a faster ‘time to yes."
- Fiona Ridley, Personal Lending Manager, Bank Australia
The Backstory: Addressing Email Security at Bank Australia
The data speaks volumes when it comes to the risks of exchanging sensitive information — particularly personally identifiable financial information (PIFI). A staggering 75% of organizations have fallen victim to email-based attacks in the last twelve months. Email is not secure, and its use in financial services introduces unmanageable risk of data breaches, either through user negligence or malicious activity.
Bank Australia’s integration of FileInvite and Fortiro stems from a commitment to instilling customer confidence and peace of mind. In a sector where trust is paramount, the bank's unwavering commitment to its customers made the shift from traditional email-based document collection to specialized, secure platforms not just timely but essential.
Seamlessly integrated with Fortiro Protect via code-free API connections, FileInvite has expedited the verification processes of key customer financial documents.
With FileInvite implemented, key documents requiring verification pass instantly from customer upload into Fortiro Protect’s fraud detection features and then back to FileInvite’s secure document repository.
Impact and Value Addition
Using FileInvite to automate critical processes, the bank slashed its average "Time to Decision" metric, illustrating a profound positive shift in operational speed and efficiency.
This time-saving capability frees businesses from administrative bottlenecks, allowing them to focus their resources on growth and innovation.
Fortiro Protect integrates into Bank Australia's workflow, with FileInvite's API integrations, key documents that require verification are instantly passed in to Fortiro Protect. Fortiro Protect ensures every customer submission has verified authenticity, aligning perfectly with Bank Australia's commitment to trust and transparency.
The platform excels particularly in its proactive fraud detection capabilities. By identifying discrepancies early on, it minimizes risks and reduces the bank's overall turnaround time for customer applications. This preemptive approach to fraud detection has been pivotal in accelerating Bank Australia’s lending decisions.
Elevating Customer Experience at Bank Australia
The combined capabilities of FileInvite and Fortiro have revolutionized how Bank Australia delivers value to its customers, making document management and verification not only efficient but also remarkably user-friendly.
As Fiona Ridley – puts it, “The streamlined document collection portal and verification process means all the pain is gone for both our customers and our staff.”
Such streamlined operations have eliminated the need to toggle different applications or manually secure essential documents.
Elaborating further on the synergistic success of these platforms, Ridley also mentions, “FileInvite and Fortiro have made document collection and verification easy. We send our customers an invite requesting information, and the software does the rest. It automatically follows up, issues reminders, and sends all scanned documents to a single portal. We have removed all our previous processing pain points, meaning fewer backlogs and a faster ‘time to yes.’”
Additionally, Martyn Norman — Head of Lending for Bank Australia — affirms the partnership's value.
“FileInvite has been great to work with. The team has been very accommodating in helping us with our needs. It’s a good solution, the implementation was painless and very efficient. They were always there when there was a need.”
This cohesive integration serves operational needs and underscores Bank Australia’s unwavering commitment to innovation and customer satisfaction.
Benefits of FileInvite’s Integration
Bank Australia’s decision to integrate FileInvite into its operations has resulted in a cascade of business benefits that extend beyond document management.1. More Transparent Processes
Bank Australia reports that document collection and verification processes have become significantly more transparent. FileInvite’s client portal and features for automated file requests and reminders have eliminated guesswork and created a clear pathway for both customers and bank staff. Clients now know exactly what forms to send and when with a seamless experience.2. Enhanced Security
In terms of security, FileInvite has brought a significant upgrade. Direct integration with Fortiro Protect ensures that customers' sensitive information is shielded from potential breaches and further amplifies this security through an extra layer of verification and fraud risk assessment.3. Internal Efficiency
Bank Australia’s internal operations have experienced a transformative boost in efficiency. No longer burdened by manual follow ups and service requests or bogged down by protracted verification periods, the bank can now redirect its focus and resources to more strategic initiatives and direct, personal customer support.
A Faster and More Secure Path to “Yes”
The implementation of FileInvite significantly contributes to FileInvite's continued efforts to improve customer service. The platform not only addresses immediate operational challenges in document collection but also sets the standard for secure digital operations in today’s financial landscape. As evidenced by Bank Australia’s success story, FileInvite is more than just a tool in the financial services kit. It’s a pathway to operational excellence, scalability, and unmatched client satisfaction.
Save 2+ hours on each application
Not only does that save your team two hours of manual, repetitive work on each and every application, but it allows them to redirect their time to higher-value tasks.
SOC 2 Type 2 compliant with 256-bit encryption
FileInvite is also GDPR, HIPAA and FERPA compliant, allowing that you and your clients to transfer sensitive information with peace of mind.
Increase application completion rates by 34%
Give your clients complete visibility into the document collection process, and confidence into how your collect sensitive information, improving application completion rates, and also member experience.