How Bank Leumi launched a self-service digital mortgage process and reduced approval time from days to hours, resulting in a 500% increase in sales
“The global banking industry is undergoing vast changes that impact business models and require us to adjust Leumi to an ever-changing world and evolving customer needs. While doing so, we continue to invest in upgrading our digital value propositions through the development of innovative products which enable smart, efficient, and cost-effective financial conduct” Leumi President & CEO, Rakefet Russak-Aminoach, Annual Report 2018, March 2019
The challenge: Reduce mortgage approval and processing time as well as friction associated
Bank Leumi is the largest bank in Israel, with over $110-billion in deposits. The bank's stocks are held by the public and traded on the Tel Aviv Stock Exchange.
The goal of the project was to utilize EasySend’s platform to dramatically accelerate Leumi customers’ mortgage approval time and reduce friction, and in doing so, disrupt a country-wide banking requirement for customers to meet with a mortgage agent in a branch for a mortgage proposal.
92% of mortgage applicants receive a quote from Bank Leumi as part of their mortgage process. Bank Leumi is the most prominent bank in Israel; nevertheless, it was only the fifth-biggest bank in the mortgage market.
Accordingly, Bank Leumi tasked EasySend with providing a solution that would improve this standing by creating a seamless and frictionless process for their customers.
The solution: Enable Bank Leumi and its customers to send and receive data online rather than in-person using EasySend’s multiplatform interface
Our first joint project was to develop Bank Leumi’s digital mortgage onboarding offering. This is a complete end-to-end experience allowing individuals to obtain a mortgage with Bank Leum via a simple to use and unique digital customer journey. Since then, the bank has built an internal team that leads EasySend process creation for all departments, with use cases ranging from Business Bank Account Opening, COVID-19 Specific Use Cases, Loans, and even Onboarding for new bank employees.
Dozens of digital customer journeys launched
Bank Leumi was one of the quickest customers to understand and embrace the potential of EasySend. Since we started working together, the bank's team has built and launched dozens of different and unique digital customer journeys.
Advanced and unique design schemes
For Bank Leumi, we developed a bespoke design, which included incorporating on the customer journey an interactive map where the user can drop a pin and see their location appear on the google maps background. In addition, we designed a repayment calculator, where the user inserts some basic information to determine the amount and timing of their repayments for their desired mortgage -- a breakthrough in the digital customer journey design world.
A combination of approaches
We have combined several approaches, using EasySend's Service Integrations Layer to interact with REST APIs and database services, in combination with an RPA solution to communicate with Mainframe-based systems.
Tons of features applied
The bank uses many aspects of EasySend's solution, including its branded look and feel, integrations triggered throughout different areas of the process, integration of Bank Leumi's analytics stack, and e-Signatures. To this day, Bank Leumi’s processes stand out as some of the more unique and advanced use cases built with EasySend, both in terms of design, logic, and complexity.
The results: Approval times reduced from 14 days to just 48 hours- the self-service digital mortgage process that exceeded all expectations
What happens when a major brand switches its customer service strategy from fax and paper to a green and digital approach?
The results speak for themselves - the self-service Digital Mortgage request process reduced mortgage approval time from 14 days to just 48 hours, achieving a competitive advantage of 12 days. The result was an incredible increase of more than 500% in mortgages sold.
With EasySend's no-code platform, Bank Leumi reduced and optimized their operational efforts, reducing their reliance on manual process handling and call centers while increasing customer satisfaction, NPS scores, and process completion rates. In turn, Leumi was awarded the most digital bank in Israel by The Banker, and The Digital Mortgage was promoted on TV commercials and social media.
“A single employee in our mortgage deferral department was flooded with 80,000 applications during the first week of lockdown. In a very short time, we had a digital journey on our website. The loan deferral application process, which used to take a lot of time and manpower, could now be completed in just minutes.” Leumi COO, Eyal Ben-Haim