Application and management of mortgage loans 100% digital is the biggest pending problem of banking in our country. Traditionally, the user wishing to apply for a mortgage must perform a large number of in-person and manual procedures. These include visiting the bank branch many times or downloading your business and economic documents from various web portals, which are then delivered to the office and scanned for processing in different departments of the bank. But digitizing all these procedures can provide customers with a better experience during one of the most uncertain moments of their lives.
This whole problem is further exacerbated by the needs of new generations, such as Generation Y, who demand urgency and digitalization in their daily lives. While other financial products (such as online personal loans) or economic arrangements (such as sending money through services such as Bizum) are already responding to these demands. Mortgage products of Spanish institutions have not yet adapted to this situationThis causes your customers’ experience to be greatly affected.
But in addition, digitizing the mortgage process also provides operational benefits to the bank. In this sense, a 100% digital mortgage (i.e. the period from the purchase of the user to the signing of the loan) will allow the business to reduce its costs by approximately 20%. Regarding the duration of the process, each banking institution Reduce mortgage signing time by up to 50%, up to 35 daysConsidering that the non-digital process exceeds two months on average.
However, although many banks already know the benefits of digitalization, technological innovation and process automation, most banks do not take this step because they do not take it. very high risk of execution. This is mainly due to three reasons. First, the difficulty of keeping the bank’s mortgage technology constantly up to date. The second is corporate mergers, which are very common in our country. And finally, the high cost of implementation.
In order to respond to the most critical need of the Spanish banking sector, iAhorro Technologies: iAhorro’s new B2B division, aims to modernize the mortgage process of financial institutions in Spain from start to finish, as an alternative to doing this in-house. This path has already begun, “thanks to our recent collaboration with one of the country’s leading banks,” says Marcel Beyer, CEO of iAhorro Technologies. In addition, the company will sign several more collaborations with Spanish banks in the coming months.
Source: Informacion
James Sean is a writer for “Social Bites”. He covers a wide range of topics, bringing the latest news and developments to his readers. With a keen sense of what’s important and a passion for writing, James delivers unique and insightful articles that keep his readers informed and engaged.