MoneySuperMarket has launched a new remortgage platform, powered by Podium – the first step towards delivering the first digitised ‘comparison-to-completion’ remortgage experience for customers, with a new level of control, choice and transparency.
This new proposition is a key part of Moneysupermarket Group’s Reinvent strategy and its continued mission to lead the innovation of price comparison and unlock new market growth.
Fintech Podium was established in July 2018 as a joint venture between Moneysupermarket Group and the founders of HD Decisions - Matt Denman and Mark Hawkins - who created the industry standard for cards and loans’ ‘smart search’ eligibility.
The new comparison platform aims to replicate the ease and convenience of finding a credit card, loan or bank account within the mortgage space, allowing customers to compare and apply for a home loan online. 16 million people visited Moneysupermarket Group’s mortgage sites for detailed information last year, which equates to 25% of mortgage search traffic, so this joint venture with Podium is perfectly placed to meet and facilitate this customer need.
Moneysupermarket Group has partnered with two leading mortgage brokers to provide support to customers looking for advice on their mortgage journey. London & Country (L&C) is a long-standing MoneySuperMarket broker partner and is joined by new partner Fluent Mortgages, to provide customers with independent, regulated financial advice.
Moneysupermarket Group is also in advanced discussions with a number of major high street banks and building societies, as part of an ongoing lender integration programme, with a key lender already piloting the platform.
The platform aims to remove some of the pain points associated with traditional mortgage applications, by improving the qualification and eligibility aspects of the search process and giving customers personalised mortgage product options relevant to their search.
The journey starts by helping the customer to identify the specific mortgage options available to them and will help them to understand and compare the true cost and other non-price features of those mortgages. Customers can then choose to engage with a mortgage broker or lender for financial advice, or go direct to lender to complete their transaction.
Andy Hancock, Managing Director, Money, Moneysupermarket Group, commented: “Mortgages are one of the last areas of financial services to truly digitise. Customers are crying out for greater clarity on the product options available to them, and a simpler and more efficient way to apply. Millions of customers look to us for help with mortgages every year and this new platform will give them a new level of choice, control and transparency in their remortgage journey.
“Transparency on cost and comparison of products, along with clear and simple integration with lenders and brokers, is absolutely key to achieving this and we’re excited to be working with Podium and our other partners, L&C and Fluent, to bring this proposition to market. Our focus now is to develop the product eligibility further and deepen our broker and lender integrations.”
James Sadler, Co-Founder and Director of Strategy at Podium, said: “The financial services sector is currently going through a massive process of digital transformation. Our joint venture with Moneysupermarket Group will provide a much more personalised and tailored approach to a very traditional journey. Together, we will create a better search and comparison experience for customers, allowing them to benefit from multiple fulfilment routes, including independent mortgage advice.”