Finance Breaking news Sanndstone Technology unveils Manage my Mortgage product suite last financial news
Breaking-Finance.Com - Sandstone Technology release Manage my Mortgage. A suite of five post-settlement self-service home loan management tools designed to address customers immediate needs online.
Breaking-Finance.Com - With the current COVID-19 pandemic resulting in job losses across industries and having a heavy impact on global economies, many consumers are finding themselves facing mortgage distress, or needing to review their current financial situation. With many reassessing their mortgage terms, banks have found themselves under increased pressure to triage their customers immediate needs, with call centres and branch enquiries banking up, placing additional pressure on existing systems. As many organisations do not have the capability of offering a self-serve, post-settlement digital channel for loan variations, these customer enquiries are having to be handled with manually intensive processes. Manage my Mortgage relieves the pressure for the banks by providing the customer to select from one of five online home loan variation tools, including:• Hardship Assist: apply to defer repayments in full or principal amount, and select from a pre-determined time period [5 steps, 2 mins] • Product Switch: switch an existing home loan product from fixed to variable, variable to variable or variable to fixed [7 steps, 3mins] • Renewals Management: special rate or fixed rate home loan expiration customers - provides the opportunity to retain customers via competitive product offerings • Loan+: apply for home loan top-up amount to existing loan [9 steps, 10mins] • Extension Management: extend remaining loan term with full transparency surrounding new loan scenario Sandstone Technology, a market leading financial services technology company providing digital software solutions for the banking industry, today announced their newest market offering, Manage my Mortgage. “After many years working closely with banks, non-bank lenders & aggregators in the financial sector, we’ve come to recognise shifts in the market and the increased pressure customer demands can have on a banks service offering. With the current economic climate enveloped in uncertainty, many consumers are having to reassess their financial position, or change their approach to managing their home loans moving forward”, said Sandstone Technology’s General Manager of Digital Acquisition, Raymond Yap. “There’s no doubt that ineffective and manually intensive home loan management processes are currently contributing to both consumer frustration as well as bottlenecks for banking staff”, Mr Yap continued.
. Manage my Mortgage alleviates these issues by offering an online, self-serve digitally assisted suite of home loan management tools, that allows the customer to modify their loan terms in line with the bank’s lending policies. “We’re excited to have developed Manage my Mortgage, the first product that delicately balances the banks’ interests with the customer experience, providing a significant benefit to both sides. With the customer’s online experience at the forefront of our thinking, we believe Manage my Mortgage will help address a current need in the market and see a change in the way we look at post-settlement variations.” Mr Yap commented. 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. Existing borrowers are able to access information across different scenarios in real-time, providing full disclosure and visibility at every stage.
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