Commonwealth Bank of Australia is currently working on a mobile app that will track the status of a mortgage application from start to finish.
The new app will add to the major bank's existing range of market leading digital assets and tools for consumers, CBA head of mortgages Clive van Horen said.
“We do have some considerable investment going towards enhancing and improving those digital assets,” Mr van Horen told Mortgage Business.
“That absolutely does include the need to track the status of the property process from start to finish,” he said. “That is under development.
“We are certainly looking to bring something like that to the market soon.”
The news comes after Property Exchange Australia (PEXA) chief executive Marcus Price hinted at the development of a CBA mortgage app last month.
“I expect they will be able to provide mobile apps that will tell people exactly where their settlement is up to, they will have something on their phone that will tell them the other bank is ready, the settlement date, SMS messages to confirm the transaction has happened and confirming receipt of funds and so forth,” Mr Price said.
“There will be a lot more visibility and application for consumers to see into the process,” he said.