In a bid to meet increasing consumer demand for online financial services, Nationwide Building Society has launched a facility whereby customers can complete their entire mortgage application online.
Nationwide was the first financial institution to offer internet banking in the marketplace, and claims that the online mortgage service will reassert the company’s online presence.
In a society where people’s lives have become increasingly hectic, online banking allows consumers to do their financial business around their personal schedule. Online banking is therefore becoming an increasingly popular option, with more and more consumers using this service. Indeed, in the last four years, the number of people choosing to manage their finances online has doubled to just over 12 million.
Nationwide said that the simplicity of the application process has been designed to make its new mortgage service user-friendly. The application process involves selecting a mortgage, completing minimal application information to get a decision in principle, and then submitting the application online after filling in any remaining information.
Stuart Bernau, executive director at Nationwide, said: Ten years ago when we launched the first internet banking facility, we signed up 5,000 people by the end of the year. Now we have nearly three million users registered for our service. This increased demand clearly shows the way people manage their money is changing and it seems only right that we allow them to arrange their biggest financial commitment online too.