ieDigital has launched Interact Switch, a software product aimed at helping lenders speed up mortgage loans and cut costs.
The financial services software firm says its system will largely replace legacy processes such as labour-intensive CRM systems, form filling and telephone-based mortgage interviews.
It adds: “This has led to the slow and costly processing of customer data, which has increased attrition rates.
“The sheer effort needed to power these processes provide the lion’s share of the carbon footprint created by mortgage lenders.”
The firm says its digital platform helps avoid the build-up of notifications in the lead-up to customer mortgage product renewal, as well as cutting down on mortgage representative, third-party and paper costs.
It adds that this allows providers to deliver better customer communication on such features as offer and application status, as well as progress reports.
The company says at a time when around 14 million UK customers have opened digital-only bank accounts, “people are increasingly turning to online options for speed and convenience”.
It says that the digital platform removes traditional labour-intensive processes which result in a high carbon footprint, contributing to firms efforts to improve their environmental, social and governance standards.
ieDigital chief executive Jerry Young says: “There are so many opportunities for mortgage lenders to take the lead in offering digital services – and by doing so they will also take a massive step forward with their commitment to protecting the planet.
“Interact Switch can rapidly change the dynamics of how mortgage lenders operate, specifically for how they are alerted to maturity, how they manage the offer, and ultimately retain the customer.
“Attrition rates can be dramatically reduced, which is good for the mortgage lender, and terrific for the customer who will have the opportunity to make a more informed decision about their offer online.”
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