Last updated on December 7, 2017 by Dotsquares
When it comes to business you need to be the master of your industry niche! It’s about finding a gap in the market and dominating by providing something truly unique, and one of our esteemed clients did just that!
Rich Wynn was previously a mortgage broker at Barclays and London & Country. He found his niche within the finance industry and decided to launch an automated mortgage service called Hoocht. The purpose of the web application is to help people through the first stage of applying for a mortgage. The service used automated questions to find out more about the person/people applying, before passing them onto the second stage which provides regulated advice to said individuals.
Within the first stage candidates are asked about their deposit and income which automates a “mortgage potential”, where Wynn highlights is a mere “illustration” to the potential mortgage opportunities. Further to the first stage the individual is quizzed about whether they want to consolidate any outstanding debt, or make over payments, this is when an actual qualified broker steps into the picture.
“Our mortgage calculator is not just a sourcing system, it’s not just data input, it reacts to the data. If you’re a first time buyer, or choosing a new mortgage, or doing buy-to-let, it will ask: ‘What’s your income? Do you have adverse credit?’ – questions you would expect when speaking about a mortgage.” – Mr Wynn
As he digresses about the difference to his web application compared to that of a comparison website…
“The whole front end – the calculator – is automated. The calculator gives them a good idea of fees and monthly payments. Then the client fills in a bit more data, and that point, we know what’s happening and we then give them the best deal for them and their situation.The automated system has already come up with an option, and the initial option may be different to the advice [the firm offers]. We will do our research and make sure we get the right product for them. Eight or nine times out of 10, the suggestion the bot comes up with, we’ll go with that.”
To manifest the automated system that Wynn had envisioned, our development team here at Dotsquares stepped up the challenge with our technical expertise, and produced a system that Wynn and his team could be proud of. The public reaction has been phenomenal even to the extent that British clients residing in other countries have been using the service. We are proud to have helped Wynn not only achieve his vision but also help reap the benefits of the business.