Quantstore – DataArt collaborating on an innovative mortgage application

18/08/17
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This June one of the largest and most prominent financial institutions in the world – BNP Paribas Group – organized the third International Hackathon 2017 that took place worldwide and was running simultaneously across 10 cities: San Francisco, Paris, Brussels, Luxembourg, Rome, Berlin, Warsaw, Istanbul, Singapore and Nanjing. The event attracted more than 160 start-ups who competed for a partnership with BNP Paribas to further nurture and develop their prototypes.

For the whole weekend the Luxembourg-Kirchberg BNP Paribas site was a place for sharing expertise, culture and ideas around the major objective of ‘optimising client experience with the BNP Paribas.’ DataArt and our partner Quanstore spent three days in Luxemburg, a global investment fund center and a multicultural city, mastering digital user experience.

The aims of the hackathon were to either produce a goal-oriented solution for end users, or to present complement services that BGL BNP Paribas could offer to its clients, including non-bank ones. The jury evaluated each solution by the following criteria: value created for the customers, relevance to the contest challenges, operational feasibility, technical execution, inventiveness, team effort & spirit, and financial viability.

The Quantstore-DataArt team presented a complete ready-to-use prototype that can shorten the mortgage application process from twenty days to just one.

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Imagine that you want to buy a new flat and have absolutely no time to look at places you cannot afford. The designed app calculates the available budget automatically by collecting and analysing your banking data, and then estimates suitable mortgages for you.

Apart from that, you can add preferable loan terms (amount and duration) and see interest rates to have a clear view of what you can expect.

When everything is set, the tool picks properties from various real estate agencies that correspond to your budget and loan terms. You can filter suggestions by the type of property (residential, commercial or investment).

Having made a final selection of a property, you simply submit the pre-approved mortgage, and at this stage you can try to negotiate the final price down. To complete the process, you go through a check-list of action items, submit your personal information and put your signature online. Finally, your mortgage application is sent to a customer relations manager for a final approval.

This solution does not have any competitors on the market, which makes it truly unique. The app makes the whole workflow transparent at every step; ensures a simple, efficient, and fully digital process of mortgage pre-approval and eliminates almost all manual steps, thus saving costs and time for both end-user and the bank dramatically.

You can watch the demo of the app here:

The designed tool was particularly noted by the panel of judges represented by industry experts and senior executives from BNP Luxemburg. Quantstore-DataArt team got a lot of positive feedback for the solution and the approach in general from other participants as well.

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