The next generation of digitised mortgages in 142 days

November 19, 2020 - 4 min read

The next generation of digital mortgages in 142 days

As customer expectations around mortgages evolve, Näktergal is at the forefront of driving transformation through digitisation.

It is no secret that mortgage applications are a far cry from the expectations of today’s modern world. Traditional banks follow rigid lending guidelines, immediately disadvantaging would-be homeowners who do not fall into the typical 9-to-5 salaried model – contract workers, low-income families, or those who are self-employed for example. With paper-based forms and lengthy wait times, it often feels like trying to jam a round peg in a square hole for a huge portion of the population. 

It turns out, by harnessing the power of digitisation, it is possible to reach this underserved (and growing) market segment. Näktergal’s digitised lending platform could hold the key to unlocking new opportunities and markets for niche and challenger banks. 

Bluestep bank and Näktergal - paving the future

Näktergal’s partnership with Bluestep Bank is a great example – thanks to Näktergal’s flexible digital platform, Bluestep Bank was able to launch digitised mortgages in Finland in June this year. Some individuals who were once over-looked can seamlessly get a mortgage with the bank’s new offering. The response from consumers has been overwhelmingly positive. 

“Providing top-notch customer support is crucial in our ambition to help people change their life situations. Näktergal accelerated our deployment timeframe in Finland with a solution that provides a great experience for our customers and mortgage consultants alike,” says Petri Matikainen, Operational Manager at Bluestep Bank.

Bluestep Bank was the first bank to roll out the mortgage lending platform in the Finnish market. Through the collaboration, Näktergal was able to deliver the mortgage platform in Finland in only 142 days from project start to launch. This is not unusual – Näktergal has a deep understanding of how important it is to get up and running quickly, and correctly, with solutions that can be ready in as little as 3 months.

“This has been a massive technical achievement the whole team can be proud of. To launch a mortgage bank in a new region is no easy feat, and to do it while pushing the bar for digitisation is quite impressive. Launching in 142 days was made possible by Bluestep bank’s pioneering perspective on cloud banking. This perspective together with their commitment to providing top-notch customer service makes Bluestep Bank an ideal partner for taking mortgages into the cloud,” says Erik Bennerhult, CEO at Näktergal.

The next generation of digitised mortgages in 142 days

Alternative data provides new opportunities

One of the keys to Bluestep Bank’s offering is the utilisation of a combination of sources to assess responsible candidates who do not fit the mould. Alternative data is used in addition to standard credit bureau data to provide more data points and thus provide a fuller picture of a person’s financial situation. 

It is quicker, too – where traditional banks may not get back to an applicant in weeks, the new tech means Bluestep Bank can get back to a customer within 24 hours, thanks to streamlined processes and improved customer experience.

TL;DR: there is no time like the present

As work patterns shift, more and more individuals who do not fit a traditional lending mould will be looking for mortgage solutions. It is Näktergal’s mission to responsibly make mortgages accessible to all people that have a stable financial situation. So, to stay ahead of the curve of meeting customer expectations in mortgages why not request a demo today! 

A link to a version of the article in Swedish can be found here. 

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