De Hypotheker, a prominent mortgage advisory organization in the Netherlands, recognized the need for a substantial overhaul in its processes to maintain its market leadership, cater to customer demands, and enhance operational efficiency. Mortgage advisory inherently involves a vast array of private customer documents, necessitating meticulous data management and security. Traditionally, the process involved extensive paperwork, creating bottlenecks and inefficiencies. In an effort to streamline and digitize their services, De Hypotheker turned to Ockto for support.
The primary challenge for De Hypotheker was to navigate the intricate web of the mortgage market, characterized by diverse document requirements and varying data acceptability criteria among lenders, who are pivotal stakeholders for advisors. Implementing Ockto meant not only coordinating with advisors but also aligning with lenders to ensure seamless data sharing. Failure to do so could have resulted in the collaboration becoming an expensive data collection tool, contrary to the efficiency and optimization goals set by De Hypotheker.
Additionally, there were concerns among advisors regarding the customer experience and the perceived complexity of using the Ockto app. However, research conducted by De Hypotheker revealed that the majority of customers did not find the new method less secure than traditional offline data submission. Surprisingly, the Ockto customer journey experienced fewer issues than initially anticipated, further validating the decision to integrate this digital solution.
The collaboration with Ockto began with a comprehensive intake process. De Hypotheker identified the source data they needed from customers and clarified its intended purpose. This process was crucial to ensure compliance with GDPR regulations and to establish a secure and efficient framework for the data collection initiative. The first pilot program was initiated in 2019, serving as a testing ground to determine whether Ockto could deliver the value De Hypotheker sought. The success of the pilot led to the full-scale implementation of Ockto across De Hypotheker in August 2021.
The results of this collaboration have been remarkable. De Hypotheker achieved significant time savings throughout its operations. Advisors reported a 30% reduction in the time required for the customer orientation phase. Additionally, the process of mediating with lenders became considerably more straightforward, streamlining various steps in the mortgage application process. The Know Your Customer (KYC) and Customer Due Diligence (CDD) procedures were automated, saving substantial time that was previously spent on manual verifications.
Perhaps the most transformative outcome was the enhancement of the customer, advisor, and lender experience. Customers now have a clearer understanding of the documents they need to provide, and the digital process via Ockto ensures that all necessary documents can be delivered to the advisor within five minutes. This not only expedites the application process but also enables advisors to have more informed and productive conversations with customers, ultimately leading to improved overall customer satisfaction.
The successful integration of Ockto’s source data solution has already become the norm at De Hypotheker. The organization’s next objective is to further increase the utilization of source data, with a target of 75% coverage within the next year. De Hypotheker also envisions bridging the worlds of mortgage and housing advice in the long term, with the inclusion of additional data sources like PSD2 bank transactions to provide customers with even more tailored advice.
This case study underscores the transformative power of innovative solutions in the financial sector. By embracing digital advancements and prioritizing customer-centric approaches, organizations like De Hypotheker can not only enhance their operational efficiency but also pave the way for more comprehensive and specialized advisory services in the future. Read full article here.