Dwell Mortgages, which is headed up and founded by former venture capitalist Pradeep Raman (pictured), will roll out a proposition aimed at millennial users, which the firm believes is the next generation of mortgage customers who will demand services via “sophisticated mobile experiences”.
Dwell’s proposition will seek to simplify the mortgage process for customers by creating a platform that allows users to enter a fact find themselves. Once this is entered, customers will be presented with the three most relevant mortgage products that best fit their individual criteria and preferences, before being guided toward one of Dwell’s mortgage brokers. The firm will find mortgage products for clients using Twenty7Tec’s sourcing system.
An algorithim built by Dwell and its mortgage brokers will aim to become more accurate as it learns from customer behaviour and broker recommendations.
Raman said: “We wanted to create something that’s a hybrid between the price comparison sites and a brokerage where people can enter the information themselves and find the perfect mortgage for them, rather than being presented with whole list of products where they don’t know which one is right for them.
“There will be an explanation as to why the products were picked for them and then two ways for them to have a chat with our advisers – either by booking a 15-minute call or chatting with them using Whatsapp. People like this method of communication because they find they can speak to their broker at 10pm or at the weekends, which really helps to build a personal relationship.”
Raman is clear that Dwell does not want to create a fully automated robo-advice model, but instead find a way to make life easier for brokers to reduce workload so they can spend more time serving their clients.
“It’s not a matter of simply using the fact find and then sourcing the best product through a search engine; there’s a whole lot of judgement being used by the broker too. Over a period of time, that technology watches how the brokers are making decisions, how they’re matching products to specific user requirements and eventually we expect that to become smarter,” he explained.
“Currently the algorithm is doing its best to come up with the top three products, but it’s not always going to be 100% accurate at the beginning. A key metric for us is how many users actually ended up taking one of those three mortgages that we recommended.”
Eventually, Dwell plans to launch an app that can be used on mobile devices and tablets, which will include features such as document storage and collection.