People do not want a mortgage, they want a home. Synechron’s Digital Home Ownership Accelerator envisions that banks will seek to participate earlier and more expansively in the non-transactional steps of customer’s home ownership lifecycle. The home ownership ecosystem brings together financial and non-financial service participants onto a single, easy-to-use digital platform to offer services ranging from banking and insurance services to smart device management, utilities and home renovations. The result is a continuous engagement hub allowing the bank to build proprietary customer profiling data and remain ever-present for future lending and refinancing opportunities.
To move beyond today’s stagnant mortgage cycle, banks need to use their greatest position of strength which is their established position in mortgage lending, extensive knowledge of customers’ financial habits and their digital banking capabilities in combination to broaden their scope and improve the entire housing journey for customers across buying, living, selling, and renting. There is an opportunity for banks, insurance companies and other ecosystem players to create constant engagement with the customer and reinforce a direct to customer strategy with an end-to-end approach that embraces many more aspects of home ownership (living).
To remain ahead of the curve, Synechron’s Digital Ecosystems Accelerator for Digital Home Ownership provides value-added services for home owners across a range of financial and non-financial tasks, creating a centralized value center where each partner enhances the data and capability across the network.
The Accelerator creates a common, shared digital platform across a network of distributed participants including banks, insurers, security firms, utility companies, maintenance providers and more, in order to create shared value across the network beyond traditional banking services. Collaboration across participants enables reduced infrastructure costs, the ability to create new shared services models and to combine machine learning and Internet of Things (IoT) data in order to deliver sustainable customer value through more outcome-based services.