LONDON, 7 October 2021: UK-based financial technology specialist ieDigital has announced the launch of Interact Switch, a digital solution designed to help mortgage lenders retain customers at product offer maturity.
Many mortgage lenders continue to rely on older legacy-systems and operate using paper-based methods, relying heavily on labour-intensive CRM systems and telephone-based mortgage interviews. This has led to the slow and costly processing of customer data, which has increased attrition rates. The sheer effort needed to power these processes provides the lion’s share of the carbon footprint created by mortgage lenders.
Interact Switch hits the market at a time when innovation in financial services is at an all-time high, with 14 million UK customers having already opened a digital-only bank*. People are increasingly turning to online options for speed and convenience.
Interact Switch will effectively replace legacy processes, helping to avoid the build-up of notifications in the lead-up to customer mortgage product maturity. Mortgage lenders can operate more efficiently by decreasing paper-based costs, mortgage representative costs, and third-party costs. As a result, providers can deliver better customer experiences around communication, security, offer and application status, and progress reports.
The launch of Interact Switch will also enable mortgage lenders to improve their own ESG offering. The modular and flexible digital platform will allow lenders to introduce exciting new functionality while removing the traditional labour-intensive processes which result in a high carbon footprint.
Jerry Young, CEO of ieDigital, said: “There are so many opportunities for mortgage lenders to take the lead in offering digital services – and by doing so they will also take a massive step forward with their commitment to protecting the planet.
“Interact Switch can rapidly change the dynamics of how mortgage lenders operate, specifically for how they are alerted to maturity, how they manage the offer, and ultimately retain the customer. Attrition rates can be dramatically reduced, which is good for the mortgage lender, and terrific for the customer who will have the opportunity to make a more informed decision about their offer online.”
** 2021. Digital banking statistics 2021 – Finder UK. [ONLINE] Available at:* https://www.finder.com/uk/digital-banking-statistics. [Accessed 17 August 2021].
ieDigital is a solution provider for financial institutions and other financial services providers. We are a team of experts in financial services technology and customer experience. At the very core of our company is a passion and belief in the power and potential of technology, and we’ve been applying technology, such as mortgage software, to solve business problems since 1986.