National Australia Bank’s new industry-leading home-valuation app is providing customers with faster property valuations this spring, helping them settle home loans sooner.
NAB General Manager Home Lending, Melissa Reynolds said NAB’s 100-strong valuations team was using the new iPad app, known as NAB iVal, across Australia.
“We know that finalising a home-loan can be a nail-biting experience for even the most experienced customer, so we started looking for ways to speed up the process and provide certainty for customers, sooner,” she said.
“Our new app allows NAB Valuers to complete kerbside assessments of residential properties, without needing to search multiple databases or re-enter data, which improves accuracy and importantly, saves our customers time.”
Ms. Reynolds explained that since the introduction of iVal, NAB had been able to deliver valuations back to customers 30 per cent faster on average, which is important during spring as it is the busiest time of year for home loans.
“Previously Valuers had to search five different databases and complete paper-based forms, before heading back to the office to input the information into their computer to complete the valuation,” she said.
“Since iVal we have completed more than 150,000 valuations and all the feedback we get from our people on the ground is the app is making it faster and more accurate to do their jobs.”
One of the leading-edge features of iVal is its advanced mapping and property imagery, which helps NAB Valuers locate both the property and comparable properties easily.
The app further retrieves property dimension and land size of the property and surrounding properties, as well as understanding the proximity of the property to major landmarks.
NAB is one of the few banks internationally that is transforming its organisation in such a comprehensive manner, ensuring it can respond to its customers’ needs more quickly.
NAB developed iVal together with its long-term strategic partner, RP Data – Australia’s leading provider of property information and analytics.