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Halifax has launched a mobile app that can give potential customers an instant online decision on their mortgage application.
The tool sends an agreement in principle (AIP) within 15 minutes to an applicant’s mobile, with the service also available on tablets and desktops.
This will enable customers to see if they can receive a mortgage for a house while they are viewing it.
Customers enter information about their circumstances, income and commitments to receive a lending decision. After the AIP is received, customers then use the calculator to edit the terms and deposit amount to see the affect it has on their monthly repayments.
“The launch of this instant agreement in principle tool significantly reduces the amount of time a customer will need to spend to obtain a lending decision from Halifax,” said Craig McKinlay, mortgages director at Halifax.
“Being able to complete the application while on the move on mobiles and tablets helps our customers fit the process around a hectic schedule.
“We are continually exploring how we can serve our customers in the way that best appeals to their needs. This latest offering further cements our reputation as the bank who gives our customers extra,” he said.
Traditional banks must invest in digital technology, such as mobile apps and online platforms, to retain customers. Research from Vocalink’s mobile banking subsidiary, Zapp, revealed that 21 million British people would change banks to access mobile payments, with 33% of these planning to do so over the next year.
Halifax, which is part of Lloyds Banking Group, said its customers logged into their bank accounts 40 million times in March 2015 – double the number of logins in March 2014 – as there was an increase in customers using smartphones rather than PCs.
The bank said around 65% of online banking logins are via mobile phones, compared with 26.4% on desktops and 9% on tablets. A significant 21% of Halifax online banking customers only used their mobiles.
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