Introduction
Leeds Building Society is a UK-based mutual building society with a strong focus on providing outstanding mortgage and savings products. Committed to improving customer and broker experiences, they sought to enhance their mortgage origination process with a scalable and efficient solution.
The challenge
Before partnering with Finova, Leeds Building Society faced several challenges in its mortgage origination process:
- Manual inefficiencies – Slower application processing times and increased operational workload.
- Broker frustrations – A lack of real-time case visibility for brokers led to higher inbound support inquiries.
- Limited digital capabilities – No direct-to-consumer digital mortgage solution for customers preferring an online journey.
The solution
To address these challenges, Leeds Building Society implemented Finova’s Mortgage Sales and Originations (MSO) platform, transforming its mortgage application process:
- Streamlined application process – A user-friendly, guided journey for brokers and customers, reducing confusion and improving efficiency.
- Rate switch functionality – A simplified, automated rate switch process, enhancing broker and customer experiences.
- Direct-to-consumer digital remortgage – A new execution-only digital proposition for customers preferring an online mortgage journey.
The results
Since adopting Finova’s MSO platform, Leeds Building Society has achieved significant improvements:
- Improved service levels – Faster processing times and enhanced efficiency, even during market fluctuations.
- Enhanced broker experience – Increased broker satisfaction with an intuitive, transparent platform.
- Expanded digital offering – A successful direct-to-consumer remortgage journey, driving business growth.
Through its partnership with Finova, Leeds Building Society continues to innovate and enhance its mortgage origination process, setting new standards for efficiency, broker satisfaction, and customer experience in the building society sector.
