Millennials are renowned for doing everything on their mobile phone, and why should banking be any different? Over the years, consumers have become more comfortable using their phones for banking, as they identify the benefits and improved safety. This has brought an increased demand for mobile banking experiences, with banks and lenders battling to provide the best process.
With this in mind, several banks have recently established a purely online experience, thinking of mobile first. Banks and challenger banks are hot on their heels, investing in technology and offering new solutions giving customers the ability to open a savings account, transfer money and apply for a mortgage. This can all be achieved from the palm of our hands, at any time, in any location, as long as we have internet signal.
The latest customer apps have many advantages by: giving customers the ability to apply for and receive a mortgage offer in less than 30 minutes, taking and uploading pictures of mandatory documents to process an account, moving through the entire mortgage process until completion, reviewing all account documents and communications with the lender, switching products before the end of its term, securely logging into accounts with biometric or passcode authentication, to name a few.
Brokers are provided with lender portals of a responsive design, alerting them of case actions they need to undertake, enabling them to progress applications and track each of their customer’s cases on the move. Brokers and customers now have access to dedicated apps as part of the Mortgage origination process, allowing customers to keep in touch with their broker and receive regular updates directly to their phone. Mobile apps bring the choice of a wide range of functions, which can be easily expanded.
The progression of innovation continues not only for technology but also products. Mobile apps are offering just one way the customer is able to perform their banking requirements as they demand further flexibility.