Digital onboarding in the mortgage space

Every now and then a product comes and disrupts a market so well that you finally take a real look at what the previous solution was to begin with, and wonder just how everyone survived it without grinding their teeth into powdery nubs from frustration. We believe MortgageMe is one of these revolutionary solutions. At WeAreMonsters we’ve had many ventures pass through our doors, some are new ideas with new target markets, and others are improvements on existing solutions to existing markets. The latter requires some serious disruption and additional value to the consumer in order to get adopted and become “the new normal”. The reason for this is the same as a rocket requiring an immense amount of fuel and thrust to make it out of the atmosphere, however, once out of the clutches of gravity, all that is needed to continue forward is it’s own momentum. Status quo and routine is an immensely powerful thing to break free from. People are inherently habitual creatures, and will often stay loyal to a habit, even if it is bad. So, once we get used to a routine, well, the chances are good that we’ll keep at it until something comes along, powerful enough to actually jostle us into a new way of thinking. 

At WeAreMonsters we have been dabbling with notions on how to disrupt the home loan industry for a while now. Mostly, because it still holds so much mysticism and anxiety for the average applicant. The process is probably the biggest financial decision a person will make in their life. Couple that with some legal mumbo jumbo, an institutional lack of visibility, and a dusting of lengthy procedures & paperwork, it becomes incredibly daunting. It shouldn’t be. It’s simple, people are unique snowflakes. Everyone has their own baggage, limitations, risk appetite and strengths. This should be accommodated for and not penalised. You see, most institutions only really request mortgages from a ‘favoured’ mortgage supplier, and if the applicant doesn’t fit the exact mould for that mortgage supplier, you’ll probably be offered a ridiculous interest rate, or, tough cookies, better luck elsewhere. MortgageMe challenges this norm by integrating with as many mortgage suppliers as possible, and therefore enabling a greater opportunity for applicant match making. This puts the power back in the hands of the average Joe. 

Aside from the vale of mortgage supply, we believe the next biggest issue in this space is: time wasted. The paper work and various ‘proofs’ one needs to supply in order to even start the home loan journey is something we like to call ‘marathon admin’. One needs incredible focus and endurance just to get through it. Repeating the same paperwork and submissions over and over again, and waiting for weeks to hear any response. MortgageMe rectifies this wrong through auto-populating much of the paperwork from your ID number, and even going as far as using software algorithms to assess affordability, so that you don’t have to trawl through the 90-day bank statements yourself. The duration of an application, from commencement to results, currently takes 24 hours, with the intention to get the response time down to mere seconds. 

Needless to say we’re excited about this product and expect it to completely revolutionise the industry. If anyone is looking to give the beta a try, please contact me; [email protected]

Written by Andrew Price | CRO | WeAreMonsters

https://www.dhirubhai.net/in/andrew-price-7884641b/