The property data, information, analytics and services provider has announced that it will be rolling out the latest iteration of its Property Hub platform “in the coming months”.
The hub leverages property and market insights – including property and suburb reports (such as school zones and suburb demographics) – and enables the ordering, management and tracking of valuations.
Property Hub 2.0, which is designed for the banking and broking industry, aims to digitise the mortgage approval process, “transforming it from a reactive interaction into a seamless and personalised journey for applicants – whilst delivering new levels of transparency and efficiency for brokers and lenders too”.
Billed as an intuitive online platform for lenders and brokers, the new hub combines with a new suite of valuation fulfilment capabilities (ValConnect) and is expected to have “a significant pipeline of investment in innovation and partnerships through 2019”.
The new version will also include automatic monitoring and alerts for any subsequent activity on property, such as listings.
Aiming to “transform the way lenders and brokers interact with their customers,” the platform also supports brokers with a marketplace of lenders from which to order and track all valuations.
CoreLogic’s general managing of banking platforms, Tim Jenner, commented: “Every property owner (or prospective property owner) has an insatiable appetite for property and market information: constantly digesting and scrutinising market dynamics and property interactions.
“As consumers become more digitally savvy, there’s been a significant shift in consumer expectations of what service should look like – especially with regards to transparency and engagement. There’s less patience for traditional transactional interactions, instead a desire for a seamless and personalised customer journey,” he said.
“The experience of becoming a home owner is no exception. The ‘old’ way of applying for a home loan was purely a ‘reactive transactional’ interaction and, thankfully, new tech means those days can now be relegated to history.”
Mr Jenner continued: “Helping customers navigate where to buy, what to buy and how to buy (in line with what they can afford, their lifestyle and investment objectives) has a direct correlation to customer satisfaction, and it should be absolutely no surprise that brokers and lenders who leverage property data in a meaningful way for their customers have been shown to convert loans at higher rates than those that don’t.”
The banking platforms GM suggested that conversion rates could be increased by as much as 15 per cent.
“Transparency delivers confidence and comfort, and the data tells that story in black and white,” he said.