Lokalbank is investing in a new digital mortgage wizard to enhance the customer experience and streamline the application process for applicants, co-borrowers, and the bank.

Following a thorough insights study on the current mortgage application and credit process carried out in collaboration with Stacc, Lokalbank also signed a contract to deliver a new mortgage wizard as the next step. The solution will be delivered to the ten owner banks and one partner bank in this round.

"The new mortgage application wizard significantly streamlines the application process for both the customer and the bank advisor, thanks to a high degree of automated information and documentation retrieval. At the same time, it is a first step towards a solution that can also be used for advisors in our offices when meeting customers," says Esten Inge Hilmarsen, Head of the private market at Tolga-Os Sparebank.

Stacc will provide a digital mortgage wizard to replace the current solution. The new wizard will automatically retrieve information from the applicant and third-party data sources related to loan refinancing with the property as security, additional borrowing, and purchasing a new property, with or without bridging finance.

In addition to the digital mortgage application, the process flow collects information on family circumstances, employment status, income and tax, unsecured debt, property, and property value before calculating the household's overall financial situation and ability to service the new loan.

The solution focuses on user-friendliness, includes a dedicated process flow for co-borrowers participating in the loan application, and offers automatic SMS and email notifications throughout the application process, along with dedicated pages providing information in the case of rejection or if an error occurs. The solution is integrated with Stacc's financial analysis and advisory tool, Consumer Credit Insight (also known as "Rådgiver PM" in the Nordics), which is integrated with the bank's core systems for loan discounting and lifecycle management.

The mortgage wizard is customised to each bank's look and feel and delivered as a cloud-based SaaS service from Stacc, based on partnerships with Orange Business and Microsoft Azure.

"We are proud that Lokalbank Alliansen has chosen Stacc's digital and automated mortgage wizard, which streamlines the loan application and case processing for end customers and case handlers.

The development and implementation time for 11 banks has been just 3-4 months, and the solution will be launched in September," says Christian Aanstad, Managing Director of the team at Stacc, which specialises in UX design and process automation.

Lokalbank Alliansen

Lokalbank Alliansen consists of 10 independent savings banks that have entered into a collaboration on joint procurement and standardisation to strengthen the banks' customer offerings and competitiveness.
www.lokalbank.no

Bent Eidem, CEO
+47 905 95 172
bre@lokalbank.no

Stacc

Tone Grotmoll, Sales Director
+47 909 30 285
toneg@stacc.com