Online channel improves chances of home loan

Seven out of ten applications for home loans submitted through the Nedbank online channel have been successful, says the bank.

More than 3000 Nedbank clients have applied for finance for their homes online through the bank’s automated online home loan channel in the six months since it was launched in September 2012.

This application process has had an average turnaround time of less than four hours for credit approvals granted to homebuyers. Seven out of 10 clients that apply online get a credit approval within this greatly reduced timeframe.

“These are excellent results and, more importantly, we are delighted that this innovative online channel has become an incredible value-add for existing and new homebuyers,”” said Timothy Akinnusi, Head of Sales and Client Management, Nedbank Home Loans Management. “”In today’s ever changing world where clients are spoiled for choice, convenience, ease of access and security are vital. It is, therefore, important that banks continue to innovate to differentiate their offerings.””

Powerful security features are built into the channel to ensure that clients’ personal data is kept secure. As a result clients have peace of mind throughout the process.

According to Akinnusi, the entire process has been extremely efficient.

Clients are asked to follow a simple seven-step process, which includes providing only relevant data pertaining to personal financial and property information. Clients complete the application and electronically send the supporting documentation.

“”We have received great feedback from our clients and independent analysts. We are confident that homebuyers will continue to derive real value from this channel, which enables them to do their banking anywhere and at any time. By going online, clients have more time to attend to other important engagements. We are calling on clients to make use of this great self-service banking solution,”” says Akinnusi.

The Nedbank online home loan channel forms part of the bank’s strategy to claim leadership in digital banking. Nedbank last year launched its digital banking offering, including Approve-it, the Nedbank App Suite and MyFinancialLife, an online personal financial management tool.

For more information please visit www.nedbank.co.za/homeloans.

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