Smart Mortgages

Posted by: Simon
Category: Case Studies, Customer Communities, Financial Services, High Tech, Retail, Sales Cloud

Project Details

  • Region: UK and Ireland
  • Industry: Financial Services
  • Sub Sector: Retail Finance

About the customer

Smart Mortgages (a brand owned by Shankill Financial Services) are a team of dynamic and progressive financial professionals based in Dublin, Ireland. They specialise in reselling many B2C financial solutions throughout Ireland and have a growing loyal customer base. Smart Mortgages was launched with a view to service the increase in demand for mortgages in Ireland. But rather than doing things the old fashioned Paper-Based way, they wanted to be faster, more efficient solution and to offer a better mortgage application experience for their customers. Smart Mortgages chose Salesforce as their platform and Ignyto as their Partner of choice.

Business Requirement and Customer Challenges

The mortgage market is currently booming in Ireland, leading to a higher volume of mortgage applications being handled by the team. Processing each mortgage application is very labour intensive and time consuming as paper-based forms are used exclusively. These forms are filled out, signed, scanned and subsequently emailed to various parties throughout the process. There are usually a lot of omissions and errors so the process has to be repeated a number of times for each application, thus making it a very slow, repetitive and frustrating for all parties. With financial regulation becoming tighter and more procedures around compliance being put in place in the financial industry in Ireland, conducting business is more difficult than ever and this further squeezes margins for all businesses in this sector.

Product Overview

Ignyto implemented the following:

  • Branded Customer Communities with the addition of Lightning Components to guide users where to upload their required documents and highlight any missing documents for a far better user experience
  • Sales Cloud Enterprise Edition to allow Smart Mortgages staff to keep on top of and engage with all applications, at all / appropriate times, as needed with use of Chatter notifications, automated task creation / logging and email notifications to internal staff and external stakeholders
  • Text and email notification of application progress / status changes in real time by leveraging the Process Builder capability and email templates
  • Salesforce Inbox implemented to ensure a full log of communications was kept for all customers at all times

Results

  • Vastly improved customer experience, with real time application progress updates and decision.
  • Application process duration reduced by over 50%
  • Cost per application reduced by 60%
  • Far more efficient and consistent capture of customer data and update of their personal details for cross sell of Financial Products
  • Improved compliance and Director liability being reduced due to this new process being a far more secure way to collect and store customer personal confidential information

Quote from the customer

“We at Smart Mortgages made the right decision when we chose Salesforce and Ignyto. By moving our loan application processing on to the Salesforce platform, our average loan application process duration reduced by over 50% and cost per mortgage application has reduced by 60%. Amazing results in such a short time ”

Salesforce products implemented

  • Salesforce Sales Cloud
  • Salesforce Customer Communities
  • Chatter