A non-major bank has launched an “Australian industry first” initiative that allows customers to check the details and status of their home loan application using a real-time, 24/7 online service, and receive push notifications at key milestones.
Bankwest’s executive general manager of retail Andrew Whitechurch said the Application Tracker had been developed by working directly with customers to understand their needs.
“Customers increasingly expect all organisations, including banks, to be flexible, digitally-connected and more responsive in helping them achieve what matters. And what matters more to most people than buying their own home?
“The introduction of the tracker demonstrates that we listen to our customers, have the ability to adapt to changing customer expectations, and are committed to ensuring their home buying experience is as easy and stress free as possible.”
The Application Tracker is a web-based tool designed to keep customers informed throughout the home loan application process from the time the application is lodged, through approval, and right through to their first repayment.
“By listening directly to our customers we found that while they love person to person interaction, in a rapidly evolving digital world they also expect to be able to track the progress of their home loan themselves via digital channels, and to be kept up to date immediately at key points throughout the process,” Mr Whitechurch said.
“Customers’ expectations about service and access to information online, is being shaped by their experiences in other industries,” he said, adding that banks need to continually innovate and adapt to those expectations in improving experiences for their customers.
The Application Tracker launches to Bankwest home loan applications from October.
[Related: Non-major adopts contactless technology]
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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