Established in 2000, the company has become one of the largest, most trusted and award-winning non-bank lenders in Australia and New Zealand. The organisation offers a flexible credit approach to home loans, personal loans and equipment & asset finance, helping over 250,000 customers with their ever-expanding lending options.
The Challenge
Digital is more crucial than ever in the mortgage industry since the pandemic, with brokers and customers expecting sophisticated self-service capabilities. Our client had recently created a universal customer portal to provide online access to their customers across their entire product portfolio and compete with nimble fintechs and big banks.
However, the company’s existing mortgage application process was conducted via their call centre. When handling home loan calls, the lender’s representatives would need to complete pdf forms, excel spreadsheets and submit paperwork for manual data entry. Frustratingly slow, inefficient and error-prone, this approach was hampering their growth strategy. The organisation knew that to succeed in a competitive market, they must quickly digitise and speed up their home loan application process.
“Our vision was to give our customers the ability to self-serve online in their own time, when and where they wanted, from their first conversation with us all the way through to their last, when they pay off their loan, and to do this in a beautiful, frictionless way.”
– Digital Product Leader, Leading Non-bank Lender
The Solution
Having already built their universal customer portal with PhoenixDX, they decided to partner with us again to deliver a digital mortgage product that would add value above and beyond for their customers.
In just 9 months, the non-bank lender created a digital self-service solution that allows customers to apply and manage their home loans, online, anytime and from any place. Easy to use from mobile or web, the application permits customers to save and return to their application at any stage, and upload supporting documents securely. If customers require assistance during the application process, they can call or easily make an appointment directly with a company representative. In addition, as part of the new digital mortgage experience, brokers can use the flagship product selector to identify a specific home loan product, interest rate and fees for their client in under 2 minutes.
“Being able to manage the entire application end-to-end in this way sped up and simplified the mortgage process to a point where it’s hard to imagine how we ever managed without it.”
– Director of Business Development, Leading Non-bank Lender
Results
The company’s new digital mortgage product is hugely beneficial to their customers and gives them a considerable competitive advantage in the non-banking landscape in line with their growth strategy.
- Improves customer experience: Customers can make their home loan application at their convenience without interacting with the call centre.
- Reduces costs: Decreases inbound calls and call centre resourcing.
- Improves data quality: Online processing eliminates potential errors from manual data entry, ensuring data integrity.
- Fast, streamlined application process: Reduces time taken to complete home loan applications.
- Reduces drop rate: with a quick and easy application process.
- Supports growth strategy: Expands their direct client offering.
- Insights from analytics: Enables analytics providing ongoing data to evolve the customer experience.
Why the company chose PhoenixDX
“We built a digital mortgage product with only 7 people. This is unheard of in banking."
“The PhoenixDX team matched the way we like to operate. They shared our values and an agile way of working. PhoenixDX has enabled us to develop our technology capabilities by helping our IT team grow and come up to speed with best practices in mind.”
“PhoenixDX and the OutSystems low-code platform stood out because they could deliver the key things we wanted to achieve - the ability to develop the universal customer portal, transform our digital self-serve capabilities and go mobile.”
