Unavailability of accurate property data has been one of the biggest challenges for risk management in mortgage lending in India while lack of digitisation and a fragmented ecosystem have been roadblocks in building a solid data infrastructure. The valuer ecosystem is still fragmented, and the data is incredibly disparate, and an estimated 85 percent of local valuers completing mortgage valuations do not have access to technology and digital tools.

While lenders in other parts of the world have leveraged technology to digitise the valuation process, in India the process is largely still manual.

A future-focused digital strategy and the partner to deliver it

One of the most significant benefits of digitising the valuation process is the ability to generate and analyse data, as well as efficiency and automation. It was with this in mind that a large and fast-growing bank was seeking partners to help mobilise its core strategy, which also included digital initiatives focused on revenue and growth, efficiency, and customer experience.

The bank wanted to accelerate its digital transformation journey through digitisation of the valuation appraisal process with best-in-class collateral risk management. As a global leading FinTech company transforming the property valuation process, Valocity’s world-class SaaS platform was the perfect technology solution to help the bank achieve its goals quickly and without any capital investment.

Harnessing cloud technology to achieve improvements in efficiency and cost savings

Valocity’s cloud-based valuation ordering platform enabled the bank to digitise its entire property valuation workflow seamlessly and securely, connecting all technical hubs with empanelled valuers in real time. This involved creating a digital form for the bank, onboarding, and training 800+ users across 250+ locations.

The results include improvements in efficiencies leading to cost savings:

  • 800+ valuers across 250+ locations onboarded and trained by Valocity
  • Structured and standardised reports across the country with location/GPS tagging, coloured pictures, and digital signatures
  • ~80% single pass-through rate, (no changes in report required after submission by valuer)
  • Improvements in turnaround time (TAT):
    • Same day completion improved from 1% to 4% of total valuations
    • T+1 (next day) completion improved from 7% to 16% of total valuations
  • Cancellation rate dropped to 4% from more than 10%, meaning less rework for the client’s lending team

Delivering a customer focused experience

Valocity’s innovative technology delivers significant value and efficiency, saving time and cost while enabling accurate property valuation data to be digitally captured on site via the Valocity Connect valuer application tool. This enables the bank to provide an enhanced customer experience with a faster time to decision, while simultaneously ensuring those decisions are derived from robust and accurate information.

Furthermore, Valocity is actively involved in training the client’s team and provides timely and ongoing support for the creation of a sustainable digital valuation ecosystem.

Valocity’s client has long been a pioneer in the Indian banking sector and automating the mortgage lending process is another leap forward in its digital transformation. Users expressed some of the quick gains they have achieved through the digitisation process:

“With all documents being transferred digitally on the platform, the fear of a lost file is eliminated.”

“It’s a big support for all kinds of audit processes. I used to really struggle to pull out the file and collate approval mails from the system dating back few years. Now with Valocity all information is available with a click. Even auditors now ask us to submit the system report and do not ask for any explanation.”

“One of the biggest challenges was to understand the status of the file after its handover over to the valuer. Now with the Valocity online dashboard we can track the status at each stage and intervene to expedite the process.”

An intelligent platform enabling end-to-end digitisation

As a Microsoft Gold Partner, Valocity’s cloud-based platform is built on the secure Microsoft technology stack. The platform is modular and configurable with APIs and micro-services that can be seamlessly integrated with bank systems and loan origination/management systems. Leading lenders in Australasia have already processed over a trillion dollars in loan decisions via Valocity’s award-winning platform, which has been customised for India’s unique property market. Valuers are onboarded and trained to use the web and mobile applications for executing valuations.

Valuers expressed some of the benefits they have received:

“Saves time and cost. Now we don’t have to send somebody to the branch to pick up files.”

“The number of valuations completed has improved by 25-30%, now the Valuer can assign the job to the report writer directly from the site and need not wait till the time he is back in office.”

“The smart valuation form has helped with minimising errors and time to complete the valuation.”

Talk to us

As the technology partner, Valocity digitally connects lenders and valuers to enables quality data capture, increased efficiency and accuracy and a more seamless customer experience for the entire property ecosystem, including the end customer.

For more information about how Valocity can help you simplify bank processes and deliver significant value, speak to a member of our team today.