Quick and Efficient Mortgage Loan Processing
In their quest to become the leading provider in the New Zealand home loan market, the third-party banking team of a Tier 1 retail bank identified an opportunity to streamline the loan application process by implementing a mobile solution.
This mobile app needed to deliver time-savings, increased accuracy and greater accountability. But more importantly, the bank was aiming to offer a better end-customer experience by providing an almost instant response, giving the mortgage applicant conditional approval 90 seconds after submitting the application instead of the previously common 2-3 day waiting period.
The bank required a seamless user experience across multiple mobile devices and operating systems as well as PCs and Laptops via any of the major web browsers. And to ensure a speedy and hassle-free application process, special attention was paid to page loading times and online/offline auto-saving capability.
As can be expected in a banking environment, security requirements and processes were particularly strict around integration into the core banking system as well as customer data.
BlinkMobile Platform and Mobile Mentor App Development
These specific requirements lead the bank to a partnership with Mobile Mentor who chose the Australian-based app development platform provider BlinkMobile Interactive.
The Blink Mobility Platform provides development tools and handles all system integration, security, communications, scalability and cross-platform support. It also provides the back-end services, deployment and operational infrastructure (PaaS and BaaS) that drives both the user interface and the business logic on the device.
Many of the bank’s requirements were met with “out of the box” capabilities of the platform, allowing the Mobile Mentor and BlinkMobile developers to focus on creating good processes and building a great user experience.
Integration to the bank’s decision engine
Extensive security reviews and penetration testing
Accessible on tablets, laptops and desktops
65% of Mortgage Applications Approved in 90 Seconds
The final release version was rolled out nationwide to around 800 advisers and a 30% time saving in the application process was reported with an SLA improvement from 41% to 74%. More importantly, 65% of applications receive conditional approval within 90 seconds and this significantly increased the third party banking group’s market share.
About the bank
The bank in question is one of New Zealand’s four major banks. With around 1.2 million customers, this bank employs more than 5,000 people, runs 200 branch operations and provides full service banking facilities to consumers, agri-business and corporations alike. The bank also works with 800 independent mortgage advisers in New Zealand. Unlike a traditional workforce, these advisers are not bank employees; they are third party brokers who advise clients on a wide range of loan options.