The UK’s first ever completely paperless mortgage process, powered by Vizolution and deployed by the Royal Bank of Scotland (RBS), has been praised for its convenience, efficiency and sustainability.
DigiDocs, which is powered by two of our flagship solutions, vDoc and vScreen, allows bank customers at RBS, NatWest and Ulster Bank to complete their mortgage application journey digitally, whether at home on the couch, on the train to work, or, in the case of one of RBS’ customers, even away on holiday!
Results since deployment in early 2018 have been impressive across the board, including reductions in mortgage application times (on average 11 days less per journey), in fact, 5% of applicants even receive a mortgage offer within 24 hours! The quicker, more convenient paperless mortgage process has understandably resulted in improved customer satisfaction, with a Net Promoter Score (NPS) of 79 for Q1 2018.
One of the most impressive achievements of DigiDocs, however, has been its positive impact on the environment. As the process is completely paperless, RBS saves an estimated 7 million sheets of printed paper per year!
Ian McLaughlin, Managing Director of Home Buying and Ownership at RBS said: “DigiDocs has allowed RBS to introduce a transformative, unique approach to our mortgage process. The rate of adoption has been outstanding and shows the appetite our customers have for digital solutions that are quicker, easier and more convenient to use.”
Bill Safran, CEO of Vizolution said: “It’s incredibly rewarding to see these results and the positive changes that Vizolution can bring to operations. RBS has really shown what is possible by a forward-thinking bank that puts the customer at the centre of their business model.”
Our transformative work, alongside RBS, in transforming the bank’s mortgage application journey, has also resulted in a number of award nominations, including at the UK Business Awards 2018, where we’ve been shortlisted in two categories: ‘Financial Services’ and ‘Innovation – Challenging the Status Quo’, and at MoneyAge Awards 2018 in the ‘Innovation in Consumer Finance’ category.