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Find out more Co-Ownership digitise their application journey
Overview: Co-Ownership digitise their application journey
Turning applications into instant approvals with confidence in an uncertain market
Before applying for a mortgage, customers complete a digital application to Co-Ownership where their financial circumstances are assessed before receiving an approval in principle which can then be shared with lenders.
Unlike other shared ownership schemes across the UK, Co-Ownership allows its customers to choose their own homes, making it quite unique in its offering.
The digitisation of their application journey to include credit-decisioning is the biggest area where Co-Ownership leverages our support.
Challenge overview
For the Co-Ownership team, their assessments of applications have always been complex and different to the assessments undertaken by traditional lenders which presented them with unique challenges. They need to be able to assess an applicant accurately, whilst also making decisions about a mortgage that would emulate a lender’s decision.
They recognised a need to digitise their processes and automate their decisioning capability, not only to improve their customers’ experiences, but to ensure their application process was timelier and assessments were accurate and robust enough to pass the requirements of the various different mortgage providers they work with.
Challenges
- Improve customer experience through digitisation and automation
- Make decisions about mortgages based upon an accurate assessment that would emulate lender decisions
- Ensure assessments are accurate and robust enough to pass requirements of mortgage providers
View Co-Ownership Profile
Company Bio:
Co-Ownership is a not-for-profit organisation and registered housing association, based in Northern Ireland who help people struggling to get onto the property ladder by themselves become homeowners, through a range of affordable housing products.
These products include Co-Own, Rent-to-Own and Co-Own for Over 55s.
| |
|---|---|
| Established: | 1978 |
| Industry: | Not-for-profit |
| Location: | Northern Ireland |
Solution overview
In 2018 Co-Ownership completed its digitisation of the application journey and integrated with the Pre Tenancy on Demand solution, as well as joining Experian’s Rental Exchange.
After an initial public procurement exercise and testing a number of solutions from various providers, they tested our PowerCurve Customer Acquisition.
Co-Ownership soon learnt how through using PowerCurve Customer Acquisition they could easily and quickly enrich and integrate their applicant data with a wealth of trusted data and market leading analytics – removing the need for applicants to provide significant amounts of paperwork and manual assessments. We worked closely with them to set up a centralised decisioning platform to meet their unique requirements, resulting in a major transformation of their application journey and overall customer experience.
Through use of PowerCurve Customer Acquisition and their new digital applicant portal, Co-Ownership have seen an 85% reduction in the time taken to process an application, as well as a significant increase in the number of new customers onboarded – from previously assessing up to 700 applications in a year to assessing 2,300 last year.
Not only has PowerCurve Customer Acquisition been simple and intuitive for the Co-Ownership team, but it is allowing them to adapt to the changing economic environment with responsive and dynamic lending.
Through use of PowerCurve Customer Acquisition and their new digital applicant portal, Co-Ownership have seen an 85% reduction in the time taken to process an application.
How can PowerCurve Customer Acquisition help you?
Results
- 85% reduction in the time taken to process an application
- Significant increase in the number of new customers onboarded
- They can adapt to the changing economic environment with responsive and dynamic lending strategies
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