Nationwide: Breaking New Ground With Mortgages For Later Life
The first high-street lender to offer comprehensive mortgage options and digitally convenient advice for people over 55.
Committed to serving its members through all stages of life, Nationwide Building Society became the first high-street lender to offer comprehensive mortgage options and digitally convenient advice for people over 55.
The British financial institution teamed up with Publicis Sapient to create the Later Life Lending product suite: a first-of-its-kind service that empowers people to enjoy their later years.
Bringing together the latest technological capabilities and incisive strategies to enhance the customer experience, Publicis Sapient created a digital platform that executes and scales Nationwide’s three new later-life mortgage products: Retirement Capital and Interest, Retirement Interest Only and Lifetime.
The platform enables Nationwide to present an holistic view of a member’s situation and options via an online app accessible to mortgage consultants who can provide advice based on their situation. The application is underpinned by an event-driven architecture, the first ever in Nationwide, that ensures reliability, resilience, availability and agility. Back-office processes were automated so business-operations teams could handle more cases.
Later Life Lending streamlines the user experience while maintaining Nationwide’s human touch. This agile platform, which took Publicis Sapient only 10 months to build, opened a new revenue stream for Nationwide as well as empowering customers to make significant, informed financial decisions.
Since the app’s launch in April 2019, Nationwide has seen an increase in customers logging in to choose one of the three propositions available so they can access the value tied up in their home. Through this program, Nationwide has received around 32,000 inquiries and 7,686 mortgage applications. They have already helped 5,749 people get mortgages. The Later Life Lending suite has been described as ‘a benchmark for the industry’ and ‘way ahead of the rest of the market’ by creating a single process for all repayment types. The buzz reinforced Nationwide’s forward-thinking reputation.