One Click Mortgage solution enables greater cost-efficiency for Hana Bank
Hana Bank’s One Click Mortgage is the only online mortgage product to date, in the South Korean market, that offers full online functionality – from e-application to e-closing. March 19, 2013 | ResearchHana Bank, the third largest bank in South Korea with $45 billion in assets in its retail financial services portfolio, introduced One Click Mortgage at the beginning of 2011, the South Korean banking industry’s first fully straight-through processed online mortgage product. The bank aims to come up with more products online by leveraging on South Korea’s online real-estate registration system, which was introduced in 2007 under the e-government programme. Sales for Hana Bank’s One Click Mortgage exceeded $2.4 billion ten months after its introduction and currently make up 15.5% of overall mortgage sales as at March 2013. Hana Bank’s mortgage portfolio contributes 41% of assets with an average net interest margin of 1.7% in 2012. Though its peers have launched similar offerings in 2012, Hana Bank’s One Click Mortgage is the only online mortgage product to date, in the South Korean market, that offers full online functionality – from e-application to e-closing – while its competitors (as well as most banks in the Asia Pacific region) only allow e-application, forcing customers to visit physical bank branches in the later stages of the process. The entire One Click Mortgage process is carried out online Figure 1. One Click Mortgage process at Hana Bank Please click to view enlarged image
The challenge The prolonged low-interest rate environment, in the wake of the global financial crisis, is transforming the South Korean banking industry, and the mortgage loan business is no e... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Channels, Consumer Finance, Customer Centricity, Internet Banking, Mortgage, Retail Banking, Technology & OperationsChannels,Consumer Finance,Customer Centricity,Internet Banking,Mortgage,retail,technology, Channels,Consumer Finance,Customer Centricity,Internet Banking,Mortgage,Retail Banking,Technology & Operations, Keywords:Hana Bank, One Click Mortgage, Chang Kyung-Hoon Hana Bank, One Click Mortgage, Chang Kyung-Hoon
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