Hinckley and Rugby Building Society has introduced a digital system for mortgage applications.
The system, developed by Danish firm Festina Finance, provides an electronic decision in principle and fact find for residential house purchase and remortgages, tailored to the society’s lending criteria and affordability calculations.
The fact find is structured to support a conversation with the client while automated documents include a decision in principle, a suitability letter and an Esis (European Standardised Information Sheet).
Dean Waddingham, chief customer officer at Hinckley & Rugby, said: "The first step alone is a game changing innovation which will quicken each application’s journey from enquiry to completion.
"It supports our staff adviser and the customer, from streamlining a smarter interview and fact find to improving the efficiency of the subsequent processing to deliver a quicker outcome.
"It’s the result of our commitment to focusing on what our customers need plus a can-do collaboration with Festina Finance."
Greg Cunnington, director of lender relationships and new homes at Alexander Hall, said: "Hinckley and Rugby have shown a real commitment to incorporating technology into the mortgage process as a lender; as seen by their being at the forefront of the Mortgage Apply software for mortgage advisers with 27 Tec in 2018.
"There is a theme here of them looking to implement technology to improve the productivity of the mortgage process, both for the lender and intermediary, which is great to see."
Hinckley and Rugby is also working with Festina on the development of a personalised self-service online platform, slated for introduction later in 2019.
The platform will enable customers to generate their own decision in principle for residential and buy-to-let mortgages and use calculator tools.
An online application process will have inbuilt affordability calculations and document uploading. The self-service platform will also enable execution-only lending.
Mikael Braagaard, CEO and head of sales and marketing at Festina Finance, said: "As a fintech committed to creating innovative solutions within the field of digital financial advice, we are delighted to have been challenged by Hinckley & Rugby.
"Our solution enables societies to provide better advice and consumers to receive information in an easily understood form, this Dean and his colleagues understood from the very beginning."