Sandstone Technology announces Mortgage Top-Up Module for the finance industry
Sandstone Technology, a market leading financial services technology company providing digital acquisition, loan origination, settlement management, internet banking, mobile banking and online financial management, today announced their newest market offering, Loan+.
“After many years working closely with banks, non-bank lenders & aggregators in the financial sector, we’ve recognised a major pain point for our clients. With an economic landscape being conducive to growth in lending, many financial institutions have focussed their attention on gaining new customers and market share in home loans. In the meantime, maintaining relatively manual and paper-intensive processes when it comes to home loan top-up facilities for existing customers continues throughout the industry”, said Sandstone Technology’s General Manager of Digital Acquisition, Raymond Yap.
“There’s no doubt that ineffective home loan top-up processes are currently contributing to customers considering their options to refinance resulting in unwanted attrition. It’s fair to say that in many cases, customers have taken their business directly to a competitor, choosing to refinance rather than continue with what should be a simplified service”, Mr Yap continued.
Today many loan facilities originate through the Broker or 3rd party channel and with current processes of topping-up an existing home loan requiring a similar amount of work as a refinance, but without necessarily providing a commensurate reward, arguably, attrition rates could be higher than they would be if there was a seamless digital top-up process in place.
“We’re excited to have developed Loan+, the first product that delicately balances the banks’ interests with the customer experience, providing a significant benefit to both sides, and all done in 9 steps online, from just 10 minutes. With the customer’s online experience at the forefront of our thinking, we live and breathe the statement – Never ask a customer a question you should already have the answer to.” Mr Yap commented.
Adapted to LIXI standards, Loan+ is a stand-alone module that can be fully integrated with any loan origination platform. Developed with simplicity and relevancy in mind, the customer experience has been at the forefront of the User Interface (UI) and provides a seamless, guided process for the customer. Leveraging on the businesses existing digital acquisition expertise, including human psychology and on-line buying behaviours, Loan+ delivers on all fronts.
Flexible enough to adapt to changes in a bank’s credit policies, allowing them to make quick changes with minimal involvement from Sandstone or their own IT department. Any proposed home loan top-up amount would be subject to the financial institution’s own credit policy, such as LVR, property valuations and the applicant’s level of equity
“With a continued focus on delivering a truly rich and meaningful customer experience when it comes to home loan affordability, I’m very excited for our customers” stated Raymond Yap.
