Commerzbank launches digital mortgage financing app
Commerzbank is pushing hard on its mortgage lending business ambitions with the launch of a digital financing app.
The app is free and users can carry out house and apartment purchases on their smartphones. Included in the app are a budget calculation tool and access to over 200,000 properties in Germany.
“We are the first branch bank in Germany to offer their customers a digital mortgage loan,” says Michael Mandel, Commerzbank’s CEO of private and business customers.
He adds that the bank’s goal is to increase new business in private home financing by up to 40% by 2020.
The bank says it is also possible to have the value of the desired object estimated by photo. If the purchase price matches the existing budget, a certificate with a binding financing condition is available on the smartphone “within seconds”. This can be presented by the customer to brokers or sellers, thus reserving the property. Commerzbank adds that at the latest from the fourth quarter onwards, the subsequent credit agreement will also be provided in the app on request.
The app is now available through the Apple App Store or Google Play Store.
In January, Commerzbank developed the first digitalisation platform for SMEs. Called “#openspace”, and located in Berlin-Schöneberg, it offers long-term co-operation between SMEs, “innovation partners”, and start-ups with the objective of “tackling the challenges posed by the digital future together”.
While these digital dreams are all deliriously delightful and enchanting, there is another price to pay.
Last month, as part of its massive job cutting spree, Commerzbank agreed an outline reconciliation of interests and social plan with the employee representative committees in Germany.
As reported last year, Commerzbank firmed up plans to lay off nearly 5,000 people. According to a letter by German labour union Verdi, the majority of these job cuts – around 3,000 – will be across the bank’s branch network at home in Germany.
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