Buying a Home Just Got Easier for Singaporeans
Singapore’s leading local bank, United Overseas Bank (UOB), has just launched Singapore’s largest property ecosystem. The Bank is committed to providing customers an experience which is through the roof and over the moon. Soon dreadful paperwork and agonising waiting times will be ushered out the door.
Exciting developments in Singapore’s tech cum real estate scene would not have been possible without rigorous fieldwork. A comprehensive research conducted by the Bank illuminated several pertinent issues in the homebuying process. According to Ms Jacquelyn Tan, Head of Personal Financial Services Singapore, the Bank’s solution would be tailored to suit the changing customers’ lifestyles.
The impetus to adopt a tech solution was evident following the survey results. Homebuyers were dismayed with the arduous process involved in purchase. Furthermore, the volume of paperwork to be done was unappealing. Liaising with agents, government officials and sellers was chaotic. To top it off, the processing time of their home loan was unbearable.
In support of the Singaporean real estate industry’s Industry Transformation Map, the Bank led the way for a new solution. The Industry map advocates using digital solutions to catalyse a strategic business transformation.
The digital transformation undertaken is two-pronged. First, the Bank has developed a property ecosystem which features the nation’s premier property agencies. Then in unison with them, a range of industry-first digital tools were developed.
Cobbled together, these tools form the Bank’s glittering solution: the nation’s first bank-backed property valuation tool, a banker and buyer matching service, and an online instant home loan approval service.
Instant Property Valuation Service
At the touch of a prospective homebuyer’s fingertips, a reliable estimate of the property will be generated. Furthermore, the online property valuation tool allows customers to calculate the loan quantum needed to make a purchase.
The digital instant valuation service will be made available through the agencies’ mobile app or the Bank’s website which may be used to apply for a home loan.
GetBanker Digital Service
The market survey revealed that a large majority of homebuyers are reliant on their agents to source them a banker. Yet the match made might not be suitable if the banker was unavailable or unfamiliar with the property being purchased.
To circumvent the issue, GetBanker allows property agents to link up prospective home buyers with a banker with the best fit for their client. Drawing from the best practices of ride-hailing apps, the agent can select a banker with the right experiences. This will greatly reduce chaotic liaisons.
However, GetBanker services have not kicked in full swing. Slightly over a quarter of the Bank’s agents have access to the service. Over time, more will be able to benefit from it.
Instant Home Loan Approval
In response to the tedious paperwork process, the Bank will rollout a fully-digital home loan solution. This is a wonderful upgrade to its pre-existing instant home loan approval scheme. Thanks to agency data sharing, forms will self-populate with the relevant personal details. Form filing will be minimal, saving a good deal of time.
More exciting is the speed of the loan approval. With the same real-time information sharing capabilities, the Bank can liaise with Credit Bureau Singapore efficiently. In fact, within minutes.
The tech driven ecosystem created by the Bank will assist almost all of Singapore’s property agents. Digital transformation accelerates the efficiency with which a prospective home-buyer lands a property and finances it.
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