Digital home ownership experience for a large bank in Canada | Tech Mahindra

Digital home ownership experience for a large bank in Canada

Business Overview

Our client, a leading bank in Canada needed to transform its home ownership experience through digitalization and structural transformation.

 

 

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Business Challenge

Pioneering Digital Mortgages in Canada
  • Client wanted to be the first of its kind in digital mortgages in Canada
  • Mortgage origination mix through broker channel was higher than desired, leading to minimal customer connect and engagement
  • Increased Broker commissions adding to squeezed margin pressures
  • Mortgage origination was a time consuming process, with multiple branch visits and paperwork

Solution Highlights

Digital Mortgage

E2E digitization of mortgage lifecycle from Affordability Inquiry to funding of the mortgage. No customer visits required.

Personalized Offers

Personalized offers to home buyers via integration to rate and analytical models

Modern Design

Contemporary product design, seamless UX, leveraging behavioral science

Operations Enhancement

Middle and back office automation through re-engineering & modernization of core systems to enable quick turnaround times

Value Delivered

Operational Savings

25% reduction in Operational expense over and above saving of Sales commission

Swift Transformation

Time taken to complete an E2E application reduced to 30 minutes from 30 days earlier

Accelerated Approval

1 day to approve and 3 days to fund application from over a month earlier

eHome Surge

300% Spike of new deals through eHome during COVID and later

Faster Innovation

40-70% reduction in time to Market of new feature/mortgage products via eHome