Brazilη!Transformers and Veritran launch digital mortgage offering
Digital consultancy η!Transformers has teamed up with low-code platform Veritran to launch a new proposition that helps financial institutions realise a digital-first approach to mortgage services.
The mortgage process is one of the most comprehensive and complex processes in the financial services industry. The process ensures that people are provided a loan in order to purchase or maintain a home, land, or other types of real estate. Much of the application process however still has manual steps in place, which can cause inefficiencies for both requestees and the institutions providing the loans.
This is where the new ‘Digital Mortgage’ proposition comes in. “The tool allows all financial entities that provide mortgages, from the largest ones to rural savings banks, to quickly and efficiently implement a solution for their clients to access their mortgage offer in a 100% digital way,” explained Gerwin Woelders, Chief Digital Officer at η!Transformers.
For financial providers, Digital Mortgage will facilitate the entire life cycle of mortgages, from the user’s query (quotation, pre-offer, etc) through to onboarding, contracting and subsequent applications steps (adding documentation, digital signature, etc). The entire process is facilitated by a self service portal that enables continuous insight and the possibility to adjust (part of) the application.
Developed on Veritran’s low-code platform, “the solution can be implemented by any financial institution in a concise time,” said Woelders, and because it is built on low-code, “changes can be made constantly with low effort and quickly.”
The ‘Digital Mortgage’ offering by η!Transformers positions itself as a serious off-the-shelf alternative for in-house development, in particular for financial entities that “due to their size and technological development capacity may not have access to a product like this.”
The solution’s launch comes at a time of a boom in mortgage applications across Europe. According to the latest data from the European Mortgage Federation, in the first half of this year total outstanding residential loans across the continent grew by the fastest pace of growth in years, in part fuelled by an overhit housing market in major economies such as the UK, Germany and Netherlands.
Following the launch of their first co-creation, η!Transformers and Veritran will as part of a wider partnership collaborate on other digital solutions for the financial services industry.
