Paperless mortgages speed up applications by 11 days – Royal Bank of Scotland
The UK’s first mortgage process that is completely paperless has been launched by the Royal Bank of Scotland Group (RBS).
Available at RBS, NatWest and Ulster Bank, the process uses the very latest DigiDocs technology powered by Vizolution’s flagship vDoc and vScreen solutions. It means that bank customers can now complete their mortgage applications digitally, wherever they happen to be.
RBS has been able to reduce the time it takes to complete a mortgage application by an average 11 days. With the new technology, around 5% of customers receive their mortgage offer within 24 hours, and most of the rest in no more than 14 days.
The home buying and ownership managing director at RBS, Ian McLaughlin, explains that DigiDocs has enabled the bank to introduce “a transformative, unique approach” to the mortgage process.
He has found the adoption rate outstanding but is sure it demonstrates the appetite customers have for quicker, easier and more convenient digital solutions. RBS appears to have tapped into consumers’ pent-up demand for paperless transactions.
Customers can now securely upload documents online to the DigiDocs portal and the bank’s mortgage agents can correspond with customers remotely via Vizolution’s vScreen screensharing technology to guide them on their mortgage journeys.
More than £1 billion worth of loans are currently being facilitated on a monthly basis and the DigiDocs portal is expected to lead to the bank eliminating around seven million sheets of printed paper each year.
In the past mortgage applications have involved a time consuming and complex process, with multiple points of contact, various stages of compliance, and the possibility of delays and breakdowns in communications.
The bank’s mortgage customers are reporting enhanced convenience and find the new process easy to use. Indeed, one user, an army captain based overseas, said he secured his mortgage without any added cost and the hassle of flying back to the UK to visit his branch.
Vizolution chief executive Bill Safran is excited by the results RBS has generated with his company’s technology. He believes it demonstrates what a forward-thinking bank can achieve, helping the customer take centre stage of the business model. RBS, Safran says, is not only streamlining the process but also offering a better advice process through advanced screen sharing. Safran is clear that the customer satisfaction that RBS is achieving is setting new standards that others will have to chase.
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