Bank Australia + FileInvite + Fortiro Protect

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

CONTENTS:

Bank Australia

“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

Accelerating “Time to Yes” with FileInvite and Fortiro Protect

 

Initially created in 1957 as the CSIRO Co-operative Credit Society, the organisation joined with 71 other credit unions and co-operatives to become  Australia’s first customer-owned bank in 2011. In contrast with traditional financial institutions, depositors and borrowers collectively own Bank Australia, rather than external groups of shareholders. 

As a result, the organization has been able to maintain an uncompromised commitment to positive change and inclusivity, prioritizing customers and community contribution over profits. 

This unique financial institution has continuously tailored its services, offering competitive rates and individualized solutions. Beyond financial offerings, the bank actively supports sustainable projects, including renewable energy and community development, underpinning its commitment to customer well-being and the environment. 

To fulfill its progressive mission and better serve customers, Bank Australia has taken a forward-looking approach to digital transformation and the integration of new technologies. Specifically by using two software-as-a-service solutions to reduce document fraud and streamline income verification, Bank Australia was able to shorten decision cycle times, reduce origination costs, and improve their overall customer experience.

 

A Joint Success for Bank Australia

Working on a task

 

With an ear to the ground for new ways to further enhance services, Bank Australia recognized in FileInvite and Fortiro an opportunity to transform and streamline document management and data security. 

As digital transformation has accelerated across industries in the last few years, traditional processes in financial services that rely on the exchange of physical documents and email attachments have become both an inconvenience for customers and a major security risk for banks. To stay ahead of the curve and give customers a hassle-free experience, Bank Australia identified a joint solution to this emerging challenge in the combined adoption of two software tools:

  • FileInvite: An innovative document collection platform offering users a secure and intuitive portal for document collection and storage.
  • Fortiro: An automated fraud-detection tool for faster and more secure document verification processes.

With these solutions in place, Bank Australia could provide their customers with a user-friendly portal where they could seamlessly upload required files. This not only expedited the process, but also ensured that clients faced minimal friction, enhancing their overall experience.

As Fiona Ridley – Personal Lending manager at Bank Australia, states, “[Using FileInvite], we no longer need to log in to different systems and request or process essential documents manually.”

Additionally, internal collaboration increased significantly. FileInvite’s intuitive dashboard became a centralized hub for document requests, reviews, approvals, and verifications. As a result, different teams within Bank Australia could now work more closely together, eliminating bottlenecks and promoting effective communication. 

Ridley adds, “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.’”

This initiative also successfully bolstered security. In today’s digital landscape, data breaches and cyber threats are on the rise. A closer look at the details of Bank Australia’s experience and specific successes in this initiative provides valuable and practical insights into how financial institutions can continue to improve customer satisfaction while meeting evolving security challenges.

"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."
 
- Martyn Norman, Head of Lending, 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.

“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."
 
- Fiona Ridley, Personal Lending Manager, Bank Australia

FileInvite's Role in Bank Australia's Transformation

FileInvite helped Bank Australia address document management challenges in two key areas:

Operational Benefits

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. 

“With the level of automation and visibility FileInvite provides, and its easy-to-use interface, Bank Australia gets the necessary customer documents required for the loan application quickly and efficiently, saving Bank Australia staff up to two hours per loan application.” 
 
- Fiona Ridley, Personal Lending Manager, Bank Australia

Experience the Benefits of FileInvite

FileInvite can drastically reduce the time your team spends chasing customers and processing their documents, while dramatically improving the application process for your members.

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Fortiro's Contribution to Bank Australia's Digital Journey

With Fortiro Protect, Bank Australia has developed swift and reliable verification processes.

Operational Insights

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.

You Can Accelerate Your 'Time to Decision' Too

 

SAVE TIME

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.

MITIGATE RISK

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.

 

WOW CLIENTS

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.

Delight Your Clients With The FileInvite Experience

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