AI-powered app that lets you talk to your mortgage
Creating a new way to read your mortgage contracts
Problem to solve
To design and build an artificial intelligence-based tool that solves the pain points of people trying to decide on a mortgage in Spain, providing clear, distinctive, and useful value from the first use.
1. How we tackle this problem?
1
Analysis of surveys and secondary research (newspapers, magazines, statistical databases)
2
4 interviews with users who went through the mortgage process in Spain
3
Market benchmarking
4
Brainstorming, design, and validation of ideas
2. Research
a. What is the state of the Spanish mortgage market?
The Spanish mortgage market is slowly recovering. There was a sharp decline in 2023, but mortgage signings grew 30% year-over-year, driven by the drop in the Euribor. Consequently, the number of buyers increased, boosting the market. However, it remains a challenge: House prices increased by 8.1% in the third quarter of 2024, bringing the average mortgage amount to €150,000. The supply of new homes remains limited, especially in urban areas.
Number of mortgages signed in Spain
b. What requirements do Spanish banks require of customers to obtain a mortgage loan?
Spanish banks are being more stringent when granting mortgage loans, compared to the European average.
Minimum requirements:
Payment capacity
20% of the property's value
25 to 55 years of age
No prior debts
Maximum expenses = 35% of income
Among others
c. How do Spaniards perceive mortgage contracts?
Our user
After analyzing the path Spanish users follow to obtain a mortgage, we knew we had to focus on the points where they are: when they get their mortgage pre-acceptance and when they obtain the FEIN (official mortgage document).
User Journey Map
Search for a place
Explore portals and choose your favorite home
Go to the bank
Request information, simulate, and compare.
Obtain a pre-acceptance document
Receive preliminary offers, but they don't contain all the information upfront.
Submit documentation
Gather payroll, contracts, employment history, etc.
Obtain a FEIN
Receive an official contract with final terms and conditions. Additional terms not initially stipulated are often added.
Sign a mortgage
Go to a notary and sign.
The steps where we detected the highest pain index and where we had to attack with our solution was at the point of obtaining pre-acceptance and obtaining the FEIN.
a. Trust in AI when acquiring mortgage loans
39% of Spanish customers are willing to let AI assist them with their mortgage application.
Due to the constant improvements and updates to these tools, their level of openness and perception of security have increased.
El desafío
The existing mobile app had low engagement rates and users struggled with complex financial tasks. We needed to simplify the experience while maintaining security and compliance requirements.
Profile
38 years old, €2,500 per month, €20,000 saved, Lives with a partner, She is a translator, AI digital user
Objective
She wants to buy her next home within the next six months and is looking for a mortgage that provides a certain level of stability and doesn't compromise her financially.
Pain points
You feel anxious about not knowing if you are taking the least bad option.
Solution
Contract Diagnostics
An overview with key information: interest rates, amounts, dates, plus questions you should ask the bank.
Smart Highlighting
Highlight important clauses, numbers, and dates with colors for quick identification.
Chat with Your Contract
Ask the AI anything about your contract.
Mortgage Translator
Select any word (e.g., legal or financial terms) or paragraph and get a simple explanation.
The design became a template for future related projects for the
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