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Transforming Home Loan Experience of Customers Through Digital Transformation

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    July 5, 2023
Transforming Home Loan Experience of Customers Through Digital Transformation

At a Glance

Softude transformed a conventional banking and financial institution to adopt digitalization with a deep focus on elevating their customers’ experience. With a professional approach and technical expertise of serving BFSI industry, we created digital solutions simplifying their internal processes and offering utmost convenience to their customers. 

The Story

Our client has been successfully turning their customers’ dream to own a home or property in the reality through their home loan services. Though their services and interest rates were competitive enough to attract targeted customers, they lagged behind due to manual operations.

Their team used to juggle with the extensive paperwork, documentations, handling customer queries and resolving them on-time. Keeping track of loan and payment history of customers was not even a smooth process. This hurt their operation and productivity. 

But their customers were the one who suffered the most. Today’s customers are tech-savvy, and they prefer self-service options. And if they have to wait or physically access the services they can otherwise access on their smartphone, frustration is bound to happen. Nobody wants to waste their precious time rather they would move to banks who offer them digital services.   

And so did it happen with our clients’ customers too. Fearing they would lose the potential business coming from the customers and left behind the time, our client hopped on the journey to bring a change in their operation. 

Softude Devised a Digital Success Mantra 

We deeply understood the situation of our client who were working hard towards their goal to become the leader in the banking market. And since we have transformed the business of clients with similar business model earlier, we knew exactly what the best in their interest will be.

A Complete Digital Solution

Softude’s open-source experts designed separate applications to cater to the needs of both customers and bank. 

Mobile Applications 

First one is a mobile application that serves as a one-stop platform for the customers. Similar to any other application, this is made user-friendly and easy to use so that app users do no get stuck while using the application.  

Let us unveil the features of our mobile application. 

  • Apply for loan applications: Now, customers don’t have to visit the bank for applying for home loan. They can easily submit the applications directly through this application from the comfort of their homes. 
  • Track application status: The application gives real-time updates on the progress of loan applications to customers keeping them aware of behind-the-scenes process of their applications. This added transparency in the process which was earlier not possible because of the conventional method. 
  • Easy payment management: It also gives option to customers for managing their loan repayments and directly pay EMIs, advance payments, and balloon payments through the mobile app. 
  • Loan and payment history: Besides making payments online, customers can also access the detailed loan and payment history via this mobile application.
  • Raise inquiries: The mobile application eliminated the need for time-consuming phone calls or physical visits to the bank by serving as a direct channel of communication between the customers and bank representatives. They can submit their inquiries and receive prompt responses and resolutions of their concerns.

Web Application:

To streamline internal processes and improve the efficiency of bank agents, Softude developed a web application equipped with key functionalities.

  • Centralized dashboard: Bank representatives now have a centralized dashboard with valuable insights into new and existing loan applications and their progress. 
  • Digital document management: It eliminated the hassle of paperwork by enabling bank representatives to manage and review customer documents digitally. This not only saves time but also improves accuracy and reduces the risk of document loss or misplacement.
  • Credit evaluation: Credit evaluation became easier for bank representatives. They do not have to manually go through every document and record to evaluate each applicant's financial stability and ability to repay the loan. The application let them do it digitally saving their time and efforts. 
  • Co-applicant/guarantor management: Approving or rejecting co-applicants or guarantors is a one-click process for the bank representatives. They can evaluate their eligibility, verify their identities, and creditworthiness; all from a single platform. 

Impressive Results

Collaborating with Softude, improved the loan processing capabilities and increased the banking customer base. Our digital solutions also enhanced communication with the customers and created a safe and secure environment for them to access home loan services at their convenience. Results are in front of you:

  • 70% faster loan processing
  • 50% increase in employees’ productivity with less paperwork and errors 
  • Full visibility on loan applications and their status
  • Reduced wait time for customers 
  • 100% customer satisfaction

Digital transformation isn’t a mere choice—it’s imperative!

If your business is still holding the conventional roots of operating, it’s time to upgrade and embrace digitalization. Softude is always ready and committed to help passionate businesses achieve success in the digital landscape. 

Write to us now and we will make it happen for your business.

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