One of the world’s largest banks is about to join the digital mortgage revolution, as HSBC Bank USA, the U.S. arm of HSBC Group, announced that it is partnering with Roostify to launch a digital mortgage platform.
Roostify, a multiple-time HousingWire Tech100 winner and leader in the digital lending space, uses technology that streamlines the mortgage process but also provides consumers with a human-centric approach.
“The partnership provides customers with a digital solution that is a faster, easier and less stressful loan transaction experience, while enabling HSBC to process and close loans more efficiently with fewer manual touches,” HSBC said in a release.
According to the bank, its digital mortgage platform offers a streamlined application and fulfillment process for both purchase mortgages and refinances.
Using the platform, customers are able to submit a loan request online, share documents digitally and securely with the bank, and track the status of their loan from application through closing.
Raman Muralidharan, HSBC Bank’s head of mortgage, retail banking and wealth management, said going digital in mortgages will help the bank keep its customers happy.
“Customers are looking for the same ease-of-use and convenience for large transactions, like financing a home, which they’ve come to expect in other buying experiences,” Muralidharan said. “Roostify is able to accelerate our deployment timeframe with a solution that provides a superior experience to our customers and to our mortgage consultants.”
According to the bank, Roostify’s platform will integrate into HSBC’s loan origination system to allow the company to close more mortgages, faster.
“HSBC has been a great partner in driving innovation to improve their customer experience,” Rajesh Bhat, Roostify CEO and co-founder, said. “Information exchange is a vital part of the home buying experience, and it can be a game-changer when done right. This solution provides HSBC’s customers with a modern, improved way of applying for and closing a mortgage and delivers transparency to both the customer and lending team from start to finish, for an optimal experience.”
The move to go digital is part of an expansion plan for HSBC in the U.S.
The bank currently operates branches in California; Connecticut; Washington, D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington.
But the bank has plans beyond that.
HSBC announced earlier this week that it plans to “significantly” expand its U.S. footprint by opening as many as 50 new branches in new and existing markets and hiring more than 300 employees.
“Retail branches are important and will continue to maintain a prevalent role in acquiring, retaining and serving customers,” said Pablo Sanchez, HSBC’s head of retail banking and wealth management for North America.
“While our digital capabilities and self-service channels continue to grow and improve, our network of neighborhood branches still attracts most of our new customers and strengthens our relationship with existing customers in need of additional financial services,” Sanchez added. “This expansion provides us an opportunity to serve more customers and small businesses in communities across the country.”
According to Anthony Glover, HSBC’s U.S. head of retail banking, the bank is “taking a hard look” at expanding into Chicago and Houston. Expansion in Western New York is also “being strongly considered.”