An online mortgage broker has been recognised for the “outstanding design and innovation” it has built into its customer platform.
uno Home Loans is the first mortgage broker in Australia to win a Good Design Award for customer-facing technology, with its loanScore offering the feature to nab the accolade.
loanScore helps anybody with a mortgage research if their current home loan is “any good or not”; in less than two minutes, users are able to compare their current rate with others available and set up alerts for when there are savings to be made.
The more than 55 Good Design Awards jurors found loanScore demonstrated excellence in the three primary categories of consideration: good design, design innovation and design impact.
The judges dubbed the feature, “A very clever idea that has the potential to save people thousands of dollars with very little effort."
“Great work constructing a scoring mechanism to simplify a lot of complexity without being opaque and disempowering,” they added.
The jury also highlighted the options for renegotiating with the current lender, rather than just being a "passive aggregator”.
loanScore was born to help cut down on the more than $4bn a year Australians have been wasting in unnecessary interest through presenting complex home loan information in simple, actionable terms. To this end, the service is available to all consumers with a loan, not just those who got their mortgage through uno.
“At uno, we're passionate about ensuring all Australians not only get a great home loan up front, but also stay on a great deal through the life of their home loan,” said uno founder Vincent Turner.
“We designed a digitally led proposition called ‘Active Home Loan Management’ and a unique technology at the heart of it called loanScore. To date, we have already identified over $456m worth of potential savings for over 34,000 subscribers who collectively have over $20bn worth of home loans.”
The 2020 Good Design Awards attracted a record number of submissions, with 835 design projects evaluated in this year’s international competition.
