700+
Switzerland
FinTech
About the client
Keen Innovation is a fintech innovation lab, specializing in researching, developing and testing solutions for Basler Kantonalbank and Bank Cler. In collaboration with a Swiss bank, they were looking to build a solution for clients willing to get a mortgage.
The mortgage system in Switzerland presents a great challenge for future homeowners, especially if they are foreigners. Having to deal with numerous regulations, specific terms and language barriers, expats often refused the idea of getting a mortgage. To solve the problem and allow foreigners to switch from expensive renting to their own property, our client decided to build a tool that would stand out in the market and offer not just a simple calculator but an intuitive solution that would explain and facilitate the whole process of getting a mortgage.
To build such a tool and bring new customers to the bank, Keen Innovation was looking for an experienced team to help them develop a custom online platform that would facilitate and streamline the process of calculations, signing a mortgage agreement and transferring monthly payments. With such a request, they addressed EVNE Developers. Already experienced in fintech solutions, we knew what to do and immediately started implementing the client’s vision into reality.
Challenge
Getting a mortgage today is a difficult task by default that comes with numerous obsolete practices. Getting a mortgage is difficult for Swiss citizens, let alone expats. And the majority of existing apps don’t seem to facilitate the process. Designed mostly for bank employees or industry professionals, such tools come with complex legal jargon that adds to user confusion. Adding the translation costs and different legal systems, applying for a mortgage seems more like a pipe dream than a real prospect for a foreigner in Switzerland.
To change it, our client aimed to build a solution that would calculate for users their chances of getting a mortgage and streamline the process from basic research to signing an agreement. At the same time, the app needed to be different from other tools. Our client’s business goal was to gain new customers that could interact with the bank digitally through the platform.
Solution
To create a unique tool that covers user needs, we needed to conduct deep market research and identify what competitors’ solutions lacked. Leveraging the JTBD (Jobs-to-be-Done) framework, we conducted several interviews with potential clients that included several user groups:
- existing bank clients
- potential clients
- competitor’s customers
After gathering feedback, we identified key user pains to address:
- Too complex calculations. Existing mortgage tools included numerous settings that were complex to fill in and posed a challenge for users.
- Lack of direct contact with a mortgage broker. important for those who are used to communicating offline, this feature was absent in most solutions.
- Complicated UX. The existing tools were not user-friendly, as they contained jargon and complicated information on Swiss mortgage regulations, resulting in a highly challenging and convoluted application process.
To win users’ trust with our platform, we had to deliver a seamless user experience that would make the complex mortgage process as simple as possible. Here’s a brief overview of how we achieved this.
Result
Transforming complex calculations into an interactive experience with improved UX
First of all, we had to make sure that the mortgage calculation process is delivered in the simplest way possible so that users wouldn’t feel overwhelmed. So we created a simple and pleasant UI with Hyppo, a little guide that encourages the user to stay longer on the platform.
To make a complicated process more accessible for users, we built a UX flow in a way that prevents mistakes and risks. For example, the system keeps users from making mistakes in the settings with additional pop-up questions “Are you sure?..” and such. With this, we cultivated the habit of app usage, enabling the users to configure the application by themselves and stay on the platform longer. Leveraging this approach, we implemented the following functionality:
Adding numerous variables to determine the probability of getting a mortgage
We had to design the mortgage calculator to collect all the relevant information about users’ personal data. This way, the result would be customized for each user. So, we added various variables to determine the probability of getting a mortgage.
The main variables that determine the results included such factors as:
- citizenship
- ownership
- marital status
- number of children
- active credits
- domestic pets
- credit history
- church membership
- level of education and so on.
Adding all possible options, we made calculations change depending on the users’ data.
After the results are calculated, the user gets a personalized report that can be exported in a PDF format and used as proof of their eligibility for a mortgage agreement. The report serves as a notarized document that can be accepted in any bank, providing the same exact probability of getting a mortgage as the user could receive at the official financial institution.
Testing the calculator for accuracy and security
After implementing the calculator functionality, we had to make sure the solution works as intended in every case. So we conducted a separate phase of testing, both manual and automated.
We started with unit testing to verify that each unit of code acts as expected and produces the correct output. As the platform deals with payments and personal data, we implemented penetration testing that involves simulating real-world hack attacks to identify potential vulnerabilities and security flaws. Finally, we leveraged Cucumber testing to check if the tool shows the correct percentage with different variables.
Through numerous tests, we ensured that the tool provides only trustworthy results that are in full compliance with the data provided by the user.
Turning the mortgage calculator into a white-label tool
After we completed the app and the platform began to attract customers, our client recognized the advantages of the product and made a strategic decision to offer the application to other banks. To allow it, we extracted the core functionality and provided it as a white-label tool. The calculator allowed our client to open a new revenue stream, offering it as a separate tool that could enhance existing solutions.
Value Delivered
The platform we developed allowed our client to successfully accomplish their primary objective of enhancing the user experience, simplifying the complex mortgage process for expats who wanted to buy a home, and attracting new customers to the bank. Featured on such platforms as FinTechNews, the solution became popular in Switzerland and gained a wide range of users.
User-friendly interface
The tool we built makes the user flow as convenient as possible, taking the user through every stage of the mortgage process from data collection to transferring monthly payments.
Steady flow of clients
Our solution helped the bank gain new customers and effectively address user problems, offering features that other tools lacked and making the mortgage process much simpler and quicker.
New revenue stream
The calculator that we built became a white-label tool, allowing other banks to enhance their own solutions and provide a streamlined experience for their clients.
Client Testimonial
EVNE Developers can help you build a cost-effective yet scalable MVP that will allow you to meet user needs and grow your business. Tell us about your goals and we’ll gladly discuss possible solutions that align with your vision.
