Digital home ownership experience for a large bank in Canada

Business Overview

Our client, a leading bank in Canada needed to transform its home ownership experience through digitalization and structural transformation.

Business Challenge

Client wanted to be the first of its kind in digital mortgages in Canada
Mortgage origination mix through broker channel was higher than desired, leading to minimal customer connect and engagement
Increased Broker commissions adding to squeezed margin pressures
Mortgage origination was a time consuming process, with multiple branch visits and paperwork

E2E digitization of mortgage lifecycle from Affordability Inquiry to funding of the mortgage. No customer visits required.

Personalized offers to home buyers via integration to rate and analytical models

Contemporary product design, seamless UX, leveraging behavioral science

Middle and back office automation through re-engineering & modernization of core systems to enable quick turnaround times

25% reduction in Operational expense over and above saving of Sales commission

Time taken to complete an E2E application reduced to 30 minutes from 30 days earlier

1 day to approve and 3 days to fund application from over a month earlier

300% Spike of new deals through eHome during COVID and later

40-70% reduction in time to Market of new feature/mortgage products via eHome