E2E Digital Mortgage Experience Qorus Banking Innovation Awards 2022

Let’s dig into every step of our new end-to-end journey. Our newly created Mortgage Hub in our mobile App offers different experiences according to the customer's mortgage stage. Customers without mortgages can choose to be onboarded on their journey as we provide them the best tool considering their current stage - still looking, viewing houses, ready to apply. For customers in the beginning of the process, we recommend them to try our “How Much Can I Borrow” calculator, which considers income and regular expenses to calculate the maximum loan amount they can apply for. Customers that are already selecting and visiting houses are invited to simulate mortgage loan repayments considering different terms, rates, and cross selling options. When customers are ready for applying, we guide them through our full digital mortgage application. We know that there are several objectives when customers think about mortgages so there is a part of the Hub that focuses on the most important ones (e.g., buy or build a home, remortgage, refurbishments). For each objective, customers can learn about the mortgage loan conditions such as LTV, types of rates, maximum tenors, loan amounts, and learn about what they can expect in terms of process after the application, in a condensed step-by-step tool, with a direct path to simulate. As financial literacy is also in the core of what we do, the Hub provides articles focused on the major doubts we are confronted with everyday in our branches and call centre. This provides a comprehensive set of contents, since every step of the journey is covered by one or more articles. When it comes to the mortgage simulator, customers are now presented with a tailored rate considering income, job type and regular expenses, allowing us to offer the best possible price upfront. Once the customer is ready to apply, everything can be done in the App. All documents can be uploaded, such as proof of income, tax return statementor or house documentation. If documents confirm the information provided before, the customer can ask for the property’s valuation and get a detailed report a few days later. Once the property’s valuation is confirmed, customers can sign the approval letter and submit the additional documents needed for the closing meeting. Customers can monitor the whole process using a tracking feature, that clearly states what has been done, when it has been done, and what are the next steps. RMs can also monitor every step of the process through an internal tool and help customers whenever they need. The tools and features described so far are currently available and can be used by our customers. As we continue to deliver new features, in the next version of the App customers with a mortgage application in progress not only can track every aspect of their mortgage loan, but can also upload all documents needed for the next stages directly in the App, based on a pre-filled check-list of documents that are required. Notifications will be sent for each phase and each document. As the mortgage application reaches its final steps, customers will be able to book the closing meeting directly in our App. We will also provide a premium service through the App, which allows the customer to ask the bank to collect all documents needed on their behalf, as well as represent them in the closing meeting, should they do not or cannot attend it. Everything for free. Finally, we do not forget those with mortgages in progress, for whom it will be possible to check the value of the next payment, the due date, the outstanding amount and the conditions of the loan.