June 16, 2020
Mortgage Choice has become the first company of its kind to install a $2 million IBM workflow automation technology within its Broker Platform, helping its mortgage brokers thrive despite the COVID-19 crisis.
The upgrade is part of the company’s wider $8 million digital transformation journey, which began with the development and launch of the Mortgage Choice Broker Platform in 2018 and aims to deliver a number of efficiency gains to its broker network and maintain the company’s strength in the face of economic setbacks.
The COVID-19 pandemic has certainly impacted the housing market with cash rate cuts from the Reserve Bank and a 4.8% decline in national new lending commitments1. However, the recently announced Federal Government HomeBuilder Scheme coupled with lenders’ incredibly attractive cashback offers and sharp fixed rates, are driving positive homebuyer and homeowner activity.
Mortgage Choice reported a 12.9% uplift in its refinance applications in April, with a 14% increase specifically in investor refinance applications. With this increase in customer activity, speed to process applications by a smart and intuitive system is essential.
Mortgage Choice Chief Executive Officer, Susan Mitchell, said the file processing software will expedite customer loans and give the company a competitive advantage in terms of usability and customer satisfaction.
“The workflow automation software is part of an ongoing digital transformation effort that Mortgage Choice is rolling out - and for which we are already reaping significant benefits. For example, a more streamlined workflow and superior customer experience backed by sophisticated encryption of customer data.”
“We believe that when the housing market is in a better condition, these efficiency and productivity gains will continue to climb even higher. We are excited to see what we can achieve as we progress further along our digital transformation journey,” said Ms. Mitchell.
Mortgage Choice General Manager of Technology, Vincent ten Krooden – Australia’s sixteenth "most influential CIO" according to the CIO Top 50 ranking - said the software would also help the company meet its new obligations under the forthcoming Best Interest Duty (BID).
“The workflow automation software helps us meet compliance requirements more reliably and in doing so gives brokers confidence that our processes are safe and secure. In turn, they can focus on doing what they do best - help customers,” concluded Mr. ten Krooden.
1 Australian Bureau of Statistics - 5601.0 - Lending Indicators, April 2020