“It’s the result of our commitment to focusing on what our customers need plus a can-do collaboration with Festina Finance. Together we have pioneered a new blend of automation and intelligent combination of the customer’s circumstances with the society’s products.” Mikael Braagaard, chief executive and head of sales and marketing at Festina Finance, added:
“As a fintech committed to creating innovative solutions within the field of digital financial advice, we are delighted to have been challenged by Hinckley & Rugby.
Our solution enables societies to provide better advice and consumers to receive information in an easily understood form, this Dean and his colleagues understood from the very beginning.”
Efficiency customer experience
The Hinckley & Rugby system includes an electronic Decision in Principle and fact find for residential house purchase and remortgage applications which is tailored to the society’s lending criteria and affordability calculations.
The fact find is structured for a conversation which flows with varying paths and prompts dependent on the customer’s responses. Automated documents include a Decision in Principle for the customer, a suitability letter and ESIS (European Standardised Information Sheet).
Waddingham added: “This is creating significant efficiencies to benefit the customer and the Society, greatly reducing time spent manually generating documents. The structure to the interview enables us to better predict timescales, a key ingredient in the customer’s satisfaction with their experience.”
In coming months, the project’s next stage will enable customers to generate their own Decision in Principle for residential and buy-to-let mortgages and use calculator tools.
An online application process will have inbuilt affordability calculations and document uploading. The self-service platform will also enable non-interactive, execution-only lending.
About Hinckley & Rugby
Hinckley & Rugby Building Society has origins in the UK dating back to 1865. The Society remains committed to providing an extensive range of competitive savings accounts and mortgage schemes and, as a mutual organisation, to providing the highest standards of customer service. It now has total assets of more than £750 million and over 50,000 savers, as well as more than 7,000 borrowers.
