Sandstone to unveil new end-to-end consumer banking solution
Date: Nov 08, 2012
Categories: Technology & Operations
Sydney, November 5th 2012 - Sandstone will be unveiling its new end-to-end consumer banking solution at FinovateAsia 2012 in Singapore this week. Incorporating Sandstone’s innovative internet and mobile banking, PFM and loan origination capabilities, Sandstone SmartBank offers retail banking institutions a new, low cost and customer friendly sales channel.
Sandstone SmartBank enables financial institutions to convert existing online banking users into home loan customers in one online banking session - a conditional approval is provided to customers in a matter of minutes. The solution addresses the age old problem of ‘should I rent’ or ‘should I buy’ by connecting a financial institution’s customers with properties that they can afford to purchase based on their savings patterns, account balances and current rental expenditure.
Powered by a sophisticated categorisation engine, the solution analyses a customer’s spending behaviour and provides suggestions on how to improve their financial position. As an example, the customer may be shown a loan amount that will cost them less than what they pay in rent each month.
Customers can then apply for an appropriate loan via an online application form that is intuitive and easy to use leading to high completion rates.
Sandstone SmartBank performs a serviceability analysis in the background which enables customers to be given a conditional approval within minutes. Customers can then track the status of their loan and upload required documentation on any device, at any time.
Dom Monty, General Manager of Direct Banking Solutions at Sandstone suggests that online banking is no longer merely a transactional banking system – it is an important customer engagement tool.
“With customers moving away from branches, online banking has become the primary method for financial institutions to engage with their customers. The priority now is to find a way to use such systems to convert online traffic into online sales” he says.
Re-disseminated by The Asian Banker