Published on the 10/07/2013 | Written by Newsdesk
Banks have been focusing increasingly on their digital offerings recently, with the latest development from Westpac NZ targeting house hunters…
In an A/NZ first, Westpac customers will be able to apply for and secure approval for a home loan within minutes via their mobile phone. The new capability forms part of the latest update for Westpac’s mobile banking app and comes as a response to the swift uptake of Westpac’s recently-launched online home loan application offering, with 10 percent of all Westpac’s home loan approvals now coming through the online channel.
The entire home loan application process, including receiving the approval, takes just minutes via the mobile app and Westpac believes it will add a new dimension to weekend house hunting, participating in auctions and the planning process in buying a home.
General manager of customer strategy and experience, Callum Wilson, said this capability is a first for New Zealand and Australia and another illustration of Westpac’s focus on meeting the new needs and expectations of customers driven by their uptake of new digital and mobile technology and sees the changes as revolutionary.
“You used to have a make an appointment with the bank manager and fill out huge amounts of paper work and other things. Now, you can use a smartphone to get a near-instant approval from where ever you are,” he said.
“House hunting and the purchase process can be one of the most stressful periods for people and what we’re trying to do is make times like this easier for customers so when they’re out house hunting, at the open home or heading to the auction they can access one of the key bits of information they need – that they can get the funds.”
This new way to apply for home loans is being touted by the bank as yet another first-to-market mobile innovation. Last November it launched a dedicated iPad app, which has been downloaded more than 30,000 times to date and last month logged $43 million in transfers and payments. Westpac is also promising more updates in the coming month that will “deliver a step change in functionality”.
Last week it also launced an android widget that allows an account balance to be readily available on the home screen of Android smartphones. Westpac says this is a development on Cash Tank, which received worldwide recognition as first app to deliver an account balance without further authentication after setup.
