What would happen if innovative parties work together using a new mortgage platform?

By | Banking, News

Imagine one-stop-shop for everything you need for your mortage…

Finding your dream home on the first try and immediately having all the documents for your mortgage application at hand. It sounds like a dream scenario, something that people will enjoy in the distant future. However, this dream scenario is actually much closer than you think. Various innovative parties are already individually working on parts of this process. What would happen if they all worked together?

We have created a fictitious scenario in order to show the possibilities:

Step 1 | The search
Your dream home, based on personal data

As a consumer, your knowledge of the housing market is still limited. Suppose you want detailed advice based on your personal preferences and behavior: whether you should rent, sell/buy or renovate, where to live? By linking various data sources such as your travel time, CBS for demographic development and even your LinkedIn for the best chance of finding work; you will quickly find which home best suits your lifestyle.

As a consumer?

Finding the perfect location will be a better investment and also create a higher quality of life.
Innovative parties already offering solutions: Buurtkompas, Suburbia.

Step 2 | Bidding
Peace and security through personal digital support

This is where it gets exciting. Arranging everything when it comes to a new property or mortgage is always a hectic process, even if it is made as easy as possible. Doubt often can take the upper hand. Am I really making the right decision? Technological progress has made the whole process much simpler. Augmented reality tells you everything about the house and the neighborhood. A smart algorithm helps you to make the ideal bid, so that you are able to buy a house without overpaying. Once you have made the bid, you will be digitally (but personally) at the time and place that suits you best.

As a consumer?
No longer pay an average of €4,000 – €5,000 too much for your dream home.
Innovative parties already offering solutions: Blippar, 24 Sessions, Carevoice

Step 3 | Funding
Instant mortgage process based on source data

Applying for a mortgage is a complex process. It would be nice if lenders immediately knew who you are, so that the risk for all parties involved, from bank to seller, is reduced to a minimum. By basing the mortgage process on source data, working with standard credit scores and using block-chain technology, the costs of the current mortgage process for customer and lender can be reduced by more than 50%. You, as a consumer, immediately know where you stand.

As a consumer?

Faster mortgage process at less than 50% of the cost and effort.
Innovative parties already offering solutions: Handig!, Credit.com, iWize, Ockto

Step 4 – Renovating
Easily arrange everything through one platform

At the moment your keys are handed over to you, uncertainty flares up again. All of a sudden, you are faced with countless choices and you want to use your budget and time as efficiently as possible. Where can you find a good plasterer? Which carpenter has an agenda that fits with yours? How do you ensure that you set the right priorities? If a mortgage lender is able to connect a customer to the right contractors for the job using a new, special platform, it will save 20-25% of the customer’s money, not to mention the time saved.

As a consumer?
Being able to do more in your home by intelligent expenditure of the  20-25% of the saved time and remodeling budget.
Innovative parties already offering solutions: OSRE, Klushulp Centraal Beheer

Step 5 | Living
Get everything out of it effortlessly

Your house has become your home and your life keeps on changing. Before you know it, each month you’re paying 10-25% too much for your insurance, mortgage or energy bills. Based on a smart set of questions, you will receive personalised tips from your mortgage lender at an advantageous time, which you can then validate at the click of a button. For example, you can automatically adjust the value of your home, which in turn can immediately lower your monthly costs.

As a consumer?
Save money for enjoyable things, by reducing your monthly fixed costs by 10 to 25% through smart tips.
Innovative parties already offering solutions: De Energiebespaarders, Nationale Hypotheekbond

 

Creating an effective consumer journey is now of the essence, as mortgage lenders still often think using the possibilities of their own mortgage platform. As you can see, technology is not a limiting factor, but rather an enabler.

With a unique combination of sector expertise and the Technology, Analytics and Organization Transformation competence teams, IG&H is well-positioned to connect the many separate initiatives into an integrated, customer-centric view and to turn them into a valuable and memorable customer experience. The first organization that takes this step, will gain a substantial (extra) part of the Dutch morgage market.

Would you like to know more about the possibilities? We will gladly assist you.

Bas de jong                   Jules Hoppenbrouwers

Manager Banking            Manager Digital Customer Experience
b.dejong@igh.nl              j.hoppenbrouwers@igh.nl