Time-saving technology for mortgage professionals

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The team at FileInvite explain how its tech tools can dramatically increase productivity

AS AUTOMATION rapidly develops, it makes sense for industries to seek out tools to maximise efficiency. Since its inception in 2015, FileInvite has aimed to transform how companies receive customer documents, providing a solution for broking firms looking to streamline their workflow and significantly reduce turnaround and decision times. This is a most welcome occurrence for the broking industry, and not only from a time-saving perspective. It’s an attractive drawcard for potential customers, with current thinking having individuals and families resetting priorities. “You’ve probably tried to get a loan, and the broker sent you an email with a whole list of things that they want you to download, print out, fill in, hand-sign, scan, send back, send to your lawyer, get them to sign it or witness it – all manual processes,” says Matt Harley, APAC director at FileInvite, on why the company recognises the need to dramatically cut back on the entire paperwork submission process.

FileInvite helps businesses improve customer experience and increase productivity by simplifying the process of requesting customer information and collecting documents. The SaaS platform provides an intuitive customer portal and automated workflows that enable users to digitally complete, sign and upload documents, send communications and keep track of data requests. Built on Amazon Web Services using industry best practices, FileInvite is SOC2 compliant and meets privacy and security requirements for handling sensitive customer data. For more information, visit www.fileinvite.com.

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“We processed over 9,000 inquiries in the first four months ... as many loans in a two-month period as brokers might have processed in an entire year using their old, manual methods”

Matt Nicolosi, VP and director of strategic growth initiatives, First Home Bank

Without modern processes in place, many brokers are left relying on email for document collection, which can be largely ineffective, especially considering they may be dealing with hundreds of applications at any given time. Unlike the traditional, clunky collection methods, the FileInvite solution allows customers to log into a portal environment. What follows is an efficient, painless process whereby they can download and fill in forms, collate bank statements, integrate with third-party providers and submit their application in one centralised location. While described as game changing, the products are straightforward to implement and don’t necessarily require a

“This tool can save up to two hours per application. So, we’ve given well over 60,000 hours a year back to our brokers so they can be out there providing more services to more Australians”

Rainer Rhedey, Chief digital officer, Aussie Home Loans

Putting people first Despite commercial success, which is seeing the company expand globally into the US market, FileInvite believes its focus on people over product is its point of difference. “The best remarks we get from clients is that they love dealing with us because we put people first in what’s seemingly becoming a digital-first world. They kind of hide behind technology, and if things go wrong, or things need to be changed quickly, it doesn’t always happen,” Harley says. “We made a really conscious decision that we wanted to be a people-first business, and that mandate filters right through the company. We have a very strong family culture, and we consider clients as an extended part of that family.

Impact of digitalisation on FileInvite client

Alternatively, the company provides a self-service option suitable for small broker teams or individuals. A cloud-based free 14-day trial is available, with members of the team ready to guide clients through the process if required. “We use bank-grade security,” says Harley, when asked about addressing any customer concerns on this front. “There’s a standard called SOC2-Type 2 which we adhere to. It’s the highest level of security obtainable around financial data, or any data for that matter, and an independently audited model. “As a business, we've invested significantly in robust processes and security testing in order to obtain this certification and work with clients across the industry. We have many as clients in APAC and North America, along with the top mortgage aggregators in Australia.”

83%

Branching out FileInvite has experienced exponential growth since its beginnings, which has resulted in the company now successfully expanding into the banking market. “This is great for us because it opens up the sector, and we’re able to work with them hand in hand. We work directly with key decision-makers who are really excited about new technology, can make decisions quickly and start seeing results from the implementation in short order,” says vice president Jackie Young. “We’re able to work with individual brokers all the way through to larger clients, providing a full service across the spectrum.” Harley adds that “banks are facing a lot of competitive pressures. We work with them so that they can maximise what they do really well, which is maintaining relationships with their clients and customers”. Necessity was the mother of invention The brainchild of entrepreneur James Sampson, now its CEO, FileInvite was born when he had to solve his own pressing issue. Sampson’s initial company, Zyber, which was founded in 2009, built and maintained hundreds of e-commerce websites at any given time. Every website required clients to provide photos, videos and text – all the content to populate his site. Sampson struggled to keep track of everything, using spreadsheet lists, emails and shared folders to do so. Time was wasted as he was constantly chasing clients to collect information, and Zyber was desperately in need of a more reliable, streamlined option. So, in 2015, Sampson built a system to manage the requests for information and automatically notify clients, and FileInvite came into being. The CEO says the difference was immediate. “Turnaround times for getting information off clients were slashed, and so too was the internal admin managing it. “Once we got to market, we found FileInvite was a tool that anyone looking to collect sensitive info in a timely fashion could use. The easy-to-use client portal and streamlined experience resonated with a lot of professionals.”

“We do everything we can to help them improve their business, and their staff really enjoy using our platform because we’ve designed it intuitively in a way that makes their life easier. If they’ve got a problem or if they need help, they can just easily pick up the phone or go online, and they’ll get a response quickly. It’s allowed us to win business over our competitors. “As business processes are always evolving, we stay agile with our clients. Once we’ve streamlined their process, we continue to sync up with them on a regular basis to discover new opportunities and ways we can further support their workflow.”

FileInvite leads to 53% reduction in closing times

Time spent collecting files has decreased by

Digitalisation slashes the time to close a loan from 16 weeks

6 weeks

16 weeks

from

big financial outlay. A bespoke service, the onboarding process is customised to meet the needs of each client.

Impact of digitalisation on FileInvite client

Source: 7A Funding

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