JP Morgan to move mortgage applications online

Conor Coyle Sharecast | 16 Feb, 2017 17:24 | | |

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Investment banking giant JPMorgan Chase Co is taking steps to move its mortgage application and process to a digital platform, according to consumer mortgage chief Mike Weinbach.

In an interview with Reuters, Weinbach said the trend was that people are becoming fed up with bank visits and paperwork, preferring an online presence to work with. The new tools will allow customers to exchange messages with online assistants, as well as sign documents and transfer money quickly and easily.

JP Morgan expects to make the system fully operational by the beginning of 2018, with testing already underway.

"This platform will allow us to be where more of our customers are, which is online and on their phones," Weinbach said. "It is more efficient for customers and for us."

The executive added that it was imperative for banks to move with technological advances, or they will be overtaken by their competitors.

"Five years in the future, every lender is going to have a digital offering for their customers, or they're probably not going to be in business," Weinbach said.

The Wall Street bank is the second biggest mortgage provider in the US, behind San Francisco-based rival Wells Fargo. It processed more than 150,000 mortgages in 2016.

"It is more important for us to get it right for our customers," added Weinbach. "It is less important for us to be first."

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