NextGen.Net presents the VOI tool at ApplyOnline

NextGen.Net unveils a new digital identity verification service that will quickly speed up the application process for brokers, lenders and borrowers.

Announcement of the launch of ‘NextGenID‘, Customer Director of NextGen.Net

Tony Carn describes it as “an industry-wide watershed.”

“Online verification of an applicant’s identity is a sticking point for clients, brokers and lenders,” says Carn.

“We’ve worked really hard as an industry to create highly standardized approaches for a lot of things. Of course, each differentiates itself on key factors such as price, product, and credit policy, but identity verification is not a selling point. It is a requirement. “

Traditionally, verifying candidate identities has been a tedious paper-based process with a reputation for creating requests for missing information and delaying approval of requests.

“NextGenID offers the industry the opportunity to take a simpler approach to identity verification, ”said Carn.

As more transactions take place online, remote identity verification is a key step in an efficient and compliant process to meet customer expectations and ensure lenders keep pace with their competitors.

COVID-19, which has all but abandoned face-to-face interactions, has increased the use of VOI applications and added another dimension to the need for a better and unified approach.

“With NextGenIDwe can harmonize identity verification just by integrating it into the application process, ”says Carn.

The NextGenID the tool allows a broker to send a request to an applicant for identification requirements from within Apply online. Using optical character recognition and biometric scanning, applicants can securely capture their identity documents and perform a vitality test using any device within a minute.

Carn explains that NextGenID not only verifies the identity of a customer, it verifies that the identity documents are up to date and legitimate.

In 2019, NextGen.Net became an Authorized Gateway Provider for the Australian Government Document Verification Service.

“This data function is integrated into NextGenID. So not only do we verify the identity of the customer, but we validate their identity documents against a range of national and state databases, ”says Carn.

Using NextGenID, identity verification is fully automated and provides instant results within seconds, giving brokers real-time updates when authentication is complete and providing a full identity compliance report to activated lenders.

“This mainly involves the validation of a client’s consent to a lender,” says Carn.

“It changes the whole game for brokers being better equipped to embrace the next generation technology and tools provided to them by lenders through their Apply online applications.

“The cost and time to answer yes, two big bugs, all have to do with lenders having to go back to the brokerage and ask for more information, most often regarding identity issues.

“Why is it so exciting is because NextGenID eradicate that.

Carn says NextGen.Net’s mission is to make lending easier for all participants in the lending value chain, from lenders to aggregators and brokers, and ultimately to end customers – borrowers.

“Our mission is that lenders rely much less on supporting documents and eliminate rework,” he says.

“NextGenID means that a lender does not have to request copies of a driver’s license or passport, or use a separate, non-integrated application; instead, we give them all the validation they need in one place.

“Not only does this eliminate costs for the lender, it also extends the approval time – both of which are major issues. “

By fully automating and integrating identity verification into Apply online, NextGenID will save brokers and lenders considerable time and reduce turnaround times while providing an enhanced and impressive experience for a borrower.

“NextGenID Streamlines the identification process for all users, providing speed and convenience while protecting the privacy of borrowers and protecting them from fraud. Most importantly, it allows lenders to empower brokers through an increasingly integrated process. “