CUA leading the way in bringing Digital iD to banking

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Australia’s largest credit union, CUA, has today announced that it will trial Australia Post’s new digital identity verification service Digital iD™ later this year, becoming the first Australian banking provider to sign up to trial the platform.

CUA welcomed today’s announcement by Australia Post of the first four organisations which have committed to pilot the online and mobile identity verification service across banking services, foreign currency, outsourcing of tasks and police checks.

CUA will initially offer Digital iD™ for new members applying for a CUA eSaver Reward or eSaver Boost account online or via their mobile device, enabling them to verify their identity online in just minutes. The trial will commence in the coming months, paving the way for more members to join CUA and open an account digitally, without needing to complete the application in-person at a branch.

CUA Chief Digital Officer Sue Coulter said CUA has been working closely with Australia Post for a number of months to help co-develop the Digital iD™ solution and provide advice on opportunities for its adoption into banking and insurance.

“By leveraging Australia Post’s innovation and their expertise in identity verification, CUA is making it possible for even more members to join CUA quickly and easily, either online or from their mobile device,” she said.

“As a member-owned organisation, there is a lot of benefit in us collaborating with a large organisation like Australia Post, allowing us to use their expertise to bring innovations like this to members much sooner than if we were to develop them ourselves.”

Australia Post Executive General Manager Trusted eCommerce Services, Andrew Walduck said existing identity verification processes were time consuming and cost the Australian economy up to $11 billion a year.

“That’s why we have developed the safe and secure Digital iD™ platform, so people can prove who they say they are when they are interacting online with government and private sector organisations,” Mr Walduck said.

Ms Coulter said Digital iD™ aligned to CUA’s digital strategy and its focus on assisting members navigate life changes.

“It is exciting to be one of the first organisations in Australia to be working with Australia Post on this platform,” she said.

“CUA is really focused on finding ways to be available to our members 'anywhere, anytime' through digital channels. This innovation provides an opportunity to deliver a better member experience for consumers applying for CUA’s digital products and services, while introducing members to a service that could also streamline their interaction with a range of other service providers where identity verification may be required in the future.

“We also see this as a tool that will help us to support members’ through life’s changes, providing members who’ve been through recent life events - like moving house – with a better way to have their identity verified. Recently changing addresses is one of the most common reasons that people are unsuccessful in verifying their identity as part of an online application, so being able to tap into Australia Post’s wealth of data to increase the ability to verify those individuals is a huge step forward.”

Jun 06, 2019 | Found in: news, mediarelease,
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