PNC ramps up its approach to customer experience

MPA featured California-based Blend last month as it launched a new home equity product that integrates myriad processes at a fraction of the time of its competitors, according to company officials.

“This product is a totally next-generation home equity for the industry,” Gaurav Nagla, head of product – consumer banking and lead on Instant Home Equity at Blend, told MPA at the time. “Everybody has been doing it the old way, capturing all the data in docs from customers starting with application, finding out what they need more and going back and forth.”

Instant Home Equity is an automated, end-to-end solution for lenders, he explained. The product integrates various processes–income and identity verification, title, decisioning, property appraisal, and notarization–into a seamless and personalized experience for borrowers. It also allows for instant approval and the ability to close in just a few days, when it typically takes multiple weeks with a legacy home equity process.

The comprehensive solution integrates income identify verification, title, decisioning, property appraisal, and notarization to achieve what company officials term “unprecedented time and cost savings.” Rather than wait up to a month for approval, the company’s new equity product can determine eligibility in a matter of days.