Revolutionizing mortgage loan processing through digitalization

Situation

A Nordic bank grappled with an outdated mortgage process, consuming resources and failing to meet modern customer expectations. Just 10% of online applicants completed the mortgage commitment process. Competitors were investing heavily in enhancing their online presence. To address this, the bank adopted an outside-in perspective, focusing on the entire customer journey of "buying a home."

Solution

A comprehensive digitization project was initiated, incorporating Service Design practices:

1. A visionary, customer-centric approach created a fresh blueprint for the bank.

2. A Minimum Viable Product (MVP) was crafted, emphasizing key features for rapid testing.

3. Agile development brought the MVP to life, supported by a cross-functional team.

4. Continuous customer feedback refined the solution and directed future development.

Result

• A revolutionary digital mortgage processing solution was launched, increasing the conversion rate by an astounding 200%.

• The team evolved from individual performers to a highly efficient unit with shorter release cycles.

• Integrated data analytics provided insights into customer behavior, steering future development for optimal results.