The feature lets clients upload documents such as passport copies, credit reports and bank statements to support an electronic fact find.
“With the document store you can now go fully online with the customer doing it for themselves. You can verify identity and address electronically and this has been approved by major lenders such as Nationwide and Coventry Building Society,” said Smartr365 chief executive Conor Murphy (pictured).
“All the outputs and verified documents are automatically saved in the document store which the customer and adviser can access. In due course, it will also fulfil what lenders require,” Murphy added.
Two large firms joining shortly
Smartr365 introduced its technology to the market with a soft launch in December 2018 and has ramped up sales this year. The platform currently supports 500 users and is poised to double that number shortly when it adds two new large adviser firms.
About eight broker businesses sign up weekly, each averaging between one to 10 new users, the business added.
Broker firms that currently use the technology include Trinity Financial, Arc & Co and sister company to Smartr365, Capricorn Financial.
About one third of Capricorn’s customers opt for the electronic fact find feature. The new addition to the technology will support such customers with digital document uploads, verification and ongoing storage.
“We developed this solution because gathering and storing documents is one of the most time consuming processes in a mortgage application,” said Cameron Parsons, Smartr365 product manager.
Issues flagged
The system flags documents that are nearing expiry such as passports and logs all changes to client files to ensure that records are compliant.
“Once lender systems can accept these in an automated fashion, hopefully by the end of next year, it will pass documents to lenders automatically. Meanwhile, advisers can upload, sort and retrieve documents including council tax bills and other forms of identification,” Parsons added.
“We believe in offering an end-to-end journey. The system covers re-mortgage retentions, house value data from Hometrack, customer relationship management functionality, product sourcing with Twenty7Tec fully integrated with the fact find, and criteria solutions,” said Murphy.
Smart365 has partnered with digital identification and address verification firm Digidentity, bank transaction data providers MogoPlus, credit checkers Experian and property valuers Hometrack.
