Financial technology specialist ieDigital has launched Interact Switch, a digital solution designed to help mortgage lenders retain customers at product offer maturity.
The tech specialist explained that Interact Switch will replace legacy processes, helping to avoid the build-up of notifications in the lead-up to customer mortgage product renewal.
Mortgage lenders can operate more efficiently by decreasing paper-based costs, mortgage representative costs, and third-party costs.
As a result, providers can deliver better customer experiences around communication, security, offer and application status, and progress reports.
The launch of Interact Switch will also enable mortgage lenders to improve their own ESG offering. The modular and flexible digital platform will allow lenders to introduce new functionality while removing the traditional labour-intensive processes which result in a high carbon footprint.
Jerry Young, chief executive of ieDigital, said: “There are so many opportunities for mortgage lenders to take the lead in offering digital services – and by doing so they will also take a massive step forward with their commitment to protecting the planet.
“Interact Switch can rapidly change the dynamics of how mortgage lenders operate, specifically for how they are alerted to maturity, how they manage the offer, and ultimately retain the customer.
“Attrition rates can be dramatically reduced, which is good for the mortgage lender , and terrific for the customer who will have the opportunity to make a more informed decision about their offer online.”