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How would you completely digitize the mortgage process?
business banking customer engagement product innovation mortgage digital experience
$1,600
top 50%
69
submissions
DONE
41 months ago
Small pic digital mortgage 1184x622

NOTE: This challenge is only for solvers in Canada, the United States, or the United Kingdom.

Today, the process of applying for and getting a mortgage requires many in-person interactions with physical forms and people. You may have to enter personal information on hard copy forms at a bank, where that information is entered into a computer program that you sit and wait on until the bank's advisor walks the customer through the results. If you use a mortgage broker, you fill out those same forms, which are sent to providers. Those providers return offers, and you take those offers to the bank to once again wait for results to be generated.

We understand that process is tedious, and want to make it easier to completely digitally, from first step to last. Help us craft the perfect, all-digital mortgage process so people don't have to take time out of their busy schedules to repeatedly be at a bank during normal business hours.

Consider these steps in the mortgage process:

  • Pre-approval
  • House hunting
  • Purchase agreement
  • Loan application
  • Loan processing
  • Mortgage underwriting
  • Loan approval
  • Closing
Deliverables

Tell us how you would make the mortgage process completely digital. Specifically, answer these questions in detail:

  1. For the steps listed above, how would you make each of them fully digital?
  2. For each, explain how your digitized process improves upon the current process.
  3. OPTIONAL: If you have been through the mortgage process, what part of the experience felt most difficult, cumbersome, or frustrating because it lacked digital options?
    Submissions will be graded on the following criteria:
  • Meets Deliverables
  • Creativity
  • Clarity
Reward Tiers
Top 10%
will share $1,000
Next 15%
will share $400
Next 25%
will share $200
Actual individual rewards will be based on the total number of eligible solutions.
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