12th Apr, 2016

Hands on with Westpac's (AU) Home Lending Wonder [VIDEO]

iSky Research have compiled a customer experience video of the recently launched Westpac Wonder mortgage tool, found behind the password of Westpac's digital banking channels (including mobile app, tablet app and desktop web).

We noted that the Wonder tool provides both the bank and the customer with benefits.

Firstly, the customer is able to compile an overview of their financial situation in relation to potential property acquisitions and mortgage applications with the bank, based primarily on data they input or which has been taken from account balances and other previously supplied personal information.CQwXtlrUwAA8X_0

However, perhaps of greatest value to the customer is the integration of CoreLogic RP Data, which is an Australian based property valuation service. CoreLogic provides the customer with in-depth market information about property they own, and property they are considering purchasing.

To get the most from the tool the customer is required to enter a significant amount of personal financial information, which in turn assists the bank in gaining a deeper understanding of their customer - which may aid in offering further products and services.

Some features that stood out to iSky Researchers included:

  • The incorporation of a 'complete your loan request' meter in the accounts summary screen, which reflected the amount of data we had input both at the start and the end of the use of Wonder.
  • That personal information had in part been pre-populated in the process, including personal contact information.
  • The use of images of the properties the customer owns, or is considering acquiring - a simple visual measure that creates a more personalised feel to the process.
  • The screens were detailed, though in our opinion, not excessively so and did not distract the customer with superfluous information nor hinder a relatively straightforward process of navigation. Though we felt that some form of navigation advice at the top of the screen would benefit the tool.
  • The tool ultimately ushers the customer toward either making a home loan application, or applying for an Approval In Principle (AIP).

But don't take our word for it, check out the video below which provides a twelve minute in-depth examination and presentation of the Westpac Wonder tool.

And please leave comments below if there are areas of the tool you'd like further information on.

See more with iSky Research.