A mortgage advice tool for Proud Experts
Proud Experts secures teams and professionals for front-, mid- and back-office customer processes within the mortgage, insurance, pension and compliance industries. For example, they work on mortgage advice, discussions and acceptance.
Proud Experts
Service
Solution
Sector
Consistency and accuracy
Mortgage advice can be very subjective because there is a high dependence on (the knowledge of) the advisor. To deliver consistency and quality, it is important to properly train young advisors and make them work with the necessary software, but that was a challenge. The software used turned out to be very complicated and did not facilitate the ideal customer journey:
- During the conversation, advisors often used their own Excel sheet where calculations were done. However, this often contained old interest rates or only data from a limited group of mortgage lenders, so calculations were not always correct.
- After the conversation, advisors entered the data provided by customers into the system. Customers had to leave a lot of information behind, but it wasn't always complete or irrelevant. For example, additional data often had to be requested afterwards.
Mortgage advice tool
For Proud Experts, we have built a mortgage advice tool that is used during the consultation. Various scenarios can be compared during the conversation (for example, “what if I retire earlier”) and the required information is filled in during the conversation. Crucial information (such as the maximum amount to borrow) is immediately calculated for the customer.
The tool is set up as a questionnaire wizard. The questions asked depend on previously given answers and the terms and conditions of various mortgage products. By setting up these questionnaires, consultations are standardized. This ensures consistency and a better customer experience. This also makes it easier to train junior advisors.
To keep the information in the system up to date, the new interest rates are retrieved every night. To this end, an integration has been set up with the National Mortgage Association. Through this integration, new mortgage products and the terms of each product are also retrieved. Which questions should be asked by the tool depend, among other things, on these conditions.
In this project, we first provided an MVP that first allowed us to only support discussions with starters in the housing market. Over the years, more and more scenarios have been added, such as transfers, using excess value and transferring mortgages.
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