CBA watches its digital home loan tools grow

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CBA watches its digital home loan tools grow

Creates in-app 'home buying hub.'

The Commonwealth Bank is digitising more parts of the home loan and property settlement process, meeting what it says is considerable demand from customers to drive these interactions online.

The bank said today that "around 90 percent" of its property transactions are now settled online.

Customers also chose to manage their loan and to interact with brokers and solicitors through digital channels created and provided by CBA.

Usage of an online digital signature platform called DigiDocs rose 2000 percent since July last year, the bank said.

Home-In, a digital conveyancing tool, is also being used to help "coordinate all the steps and communication between your solicitor and lender," the bank said.

CBA also said customers checked their home loan balance and used 'manage my loan’ capabilities in NetBank more than last year.

Executive general manager of home buying Dr Michael Baumann put the mass uptake of digital tools down to ongoing Covid-19 limits.

“Restrictions around movement and face-to-face meetings as well as Covid-19 induced policy changes around government processes has meant the home buying process has become increasingly digital," Baumann said.

In response, the bank recently created a 'home buying hub' in its banking app that is designed to digitally guide customers through the home loan process.

It has been used by an estimated 3000 customers since its release a few weeks ago.

CBA has broadly been increasing its digital operations over the past year, underpinned by a commitment to employ over 600 engineers.

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