About
Commerzbank cooperates with a leading mortgage fintech to reinvent the traditionally branch-based and highly manual mortgage advisory process with a revolutionary omni-channel platform enabling truly end-to-end advisory and sales with a superior customer experience and automated processing.
Innovation presentation
As one of the largest banks in the German market, Commerzbank reinvents its retail banking sales strategy from a largely branch-based approach to a hybrid approach combining branch, remote and digital channels.
As the mortgage business is an advisory-heavy business with trust playing an important role, this change requires a radical new approach to a mortgage sales process integrating all new digital channels into the advisory experience. To enable this strategy, Commerzbank has entered a unique partnership: the bank joined forces with a market leading startup in the mortgage business, and Accenture to build a new platform supporting the best-in-class mortgage sales process. As a result, a MVP went live with unprecedented speed in less than a year.
An interdisciplinary team is working on this new platform beyond pure mortgage application functionality. The platform enables a customer to start the application online and then continue the advisory seamlessly in a branch. The journey continues with the customer selecting the final offer online and triggering the highly automated and AI-supported credit decision process. The platform then automatically generates the contract and makes it available to the user.
The platform is revolutionary because it unifies the entire mortgage life cycle into one application, from lead to aftersales services. The platform is also truly omnichannel, enabling seamless switching between channels and providing the digital tools for advanced customer-advisor interaction. Further the platform features a plethora of intelligent automation, including automated credit checks and AI powered document categorization and extraction.
Uniqueness of the project
While there are other solutions for the mortgage application process on the market, the new mortgage platform is one of the first to unify the entire lifecycle of mortgages into one application: lead processing, offer creation, credit decision and after-sale services. Furthermore, the platform enables true omnichannel advisory and integrates intelligent automation throughout the application and credit decision process. The ultimate goal is to enable a fully automated, compliant credit decision and after-sales process for “standard” loan applications in real-time.
The platform is designed as a customizable and future-proof solution, which is hosted on the cloud and consists of modularized components and communicates through APIs with bank-specific systems.
At the same time, the platform in its unique partnership with a fintech provides the possibility to scale as a white label solution to provide the same benefits to other banks.
