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

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.