Intelligent Finance (IF), a division of HBOS, has developed an online mortgage calculator using Macromedia's Flex, which the company said has resulted in higher mortgage sales and utilisation rates by visitors to the bank's website.
The online calculator shows customers how they can save money with IF's mortgage products. The calculator provides interactive graphs and charts, and makes it easy for customers to select the right offset mortgage to save them the most money, said the firm.
IF said Flex had helped improve the customer experience. Since the device was launched in April, IF has seen an overall rise of 15% in direct sales of offset mortgages.
IF worked with software consultancy iteration::two to develop the mortgage calculator. Steven Webster, technical director at iteration::two, said the company built the mortgage calculator in eight weeks. "It connects into IF's existing back-end systems and just slipped into their enterprise architecture without requiring new systems," he added.
Katie Curran, e-commerce manager for IF, said, "This is already turning into a significant increase in offset mortgage applications online and is proving a valuable tool in demonstrating the benefits of offset."
IF has also given 23,000 contact centre agents and brokers access to the application.