Banking group Absa has enhanced its internet home loan electronic application process that will give their customers a final home loan decision within minutes of submitting the application.
The system is a first in South Africa, with the unique feature of being a fully electronic end-to-end process, from application through to registration of the bond.
During the testing phase, applications were given a home loan decision in as little as three minutes — a far cry from the industry best practice average of two to three days. This grant also includes an automated valuation of the property, in itself a pioneering feat.
”The move supports Absa’s leadership position in both home loans and e-commerce,” says Rachel Wall, General Manager: Business Development and Planning, Absa Home Loans. ”The process offers customers expediency, convenience and flexibility in submitting an application from their PC at home or office, and is interactive in terms of keeping them updated regarding the status of their application.”
Safety and the need to keep the customer informed at all stages of the process were prominent in designing the system. All new applications receive an application number — to be used when completing (or amending) the application and to track the future progress of the application up to registration. Access to the application is controlled via a password (as selected by the customer).
The customer can choose to be communicated with by whichever method suits them; via e-mail, telephonically or SMS. The customer can choose to accept or reject Absa’s offer when they receive notification of Absa’s terms of business in the final approval. The customer can immediately confirm with Absa, if they are satisfied with the offer.
Besides the obvious convenience of being able to apply for a home loan any time of day or night, from wherever a customer may choose, existing Absa customers (who can identify themselves via their ATM card details and pin or internet banking password) will also have their existing details automatically entered into the application form, which can be amended if outdated.
Wall says: ”The process involves less paperwork and hassle for our customers and they only have to sign documentation once — at the attorney’s office when they have prepared the bond documentation. It’s the ultimate customer-centric home loan application process.” – I-Net Bridge