Open discussion: Customer signs Australia's first electronic mortgage - Thoughts?
In an Australian first, a Bank Australia customer signed a fully electronic mortgage on Friday, completing all loan 'paperwork' via her internet banking portal. The settlement will happen via PEXA. The full story can be read on Bank Australia's website.
What do you think about the move to a 100% digital future? What do you think will be the big hurdles? On the flip side, what do you think will be the big benefits for your firm?
Re: Open discussion: Customer signs Australia's first electronic mortgage - Thoughts?
A completely digital conveyancing space is going to mean that things that change will effect other things that we did not know or anticipate they were going to effect. It will be kinda like eating ice cream for the first time and not realising when you take a bite first of all how nice it tastes but secondly that your two front teeth are going to hurt. Then after a time you work out ways to eat ice cream so that you protect those front teeth.
I work at home on a lap top and have very little physical interaction with anyone apart from phone calls. Emails are not physical interactions. I sometimes go out to the bakery just so that I can have a physical person to talk to and then go back home again. One thing that does concern me is that when people sign important legal documents they would have in the really old days a grey haired fellow across the desk from them who had been around and seen some disasters. Wise sage advice followed hopefully before people entered important transactions. Digital signing removes this .