The bank for a changing world

Jet Mortgage: an innovative mortgage platform

  • 08.06.2017

The BNP Paribas International Hackathon was one of the highlights of the year 2016. In the span of a weekend, 96 start-up from eight countries shared their outlook on the customer experience of tomorrow, with the backing of 350 experts from BNP Paribas. At the end of the event, nine of these start-up received awards based on the creativity, feasibility and relevance of their solution.Among them was Jet Mortgage, a single platform built by Hesapkurdu.com, offering a fast, easy-to-use digital mortgage process. We met with Hesapkurdu.com co-founder, Onur Tekin Turhan.

How did you come up with the idea for Jet Mortgage?

As the leading online mortgage aggregator in Turkey (www.hesapkurdu.com), we are ideally placed to identify needs in this area. We see the process of taking out a mortgage as too long and burdensome, even when done online. A lack of specialized advisers and local sales representatives limits branch performance, which means that applicants are approved very subjectively. In fact, 80% of new mortgages in Turkey are processed by just 5-10% of branch offices. That shows there’s plenty of room to streamline operations! 

Where is Jet Mortgage headed? 

We aim to filter mortgage applications more efficiently and to digitize every step of the process, even up to the point of submitting to banks for final approval. To put it plainly, users can select the offer that is right for them, and then fill out a 2-3 page online application with questions that vary based on the applicant’s background. Applicants then receive a credit rating based on the information they provided. Next, prequalified applicants can submit any required documents as well as their banking details. Each applicant has a 75-80% chance of being granted the mortgage they need from the bank of their choice. This not only makes life easier for customers, but it also helps banks by providing them with a variety of carefully preselected applicants.  

What is the typical background of a Jet Mortgage user?

Users are mainly corporate executives and public or private sector employees, most of whom are male and between 25 and 50 years of age. This demographic takes out 75% of the mortgages here in Turkey. We are specifically targeting a sub-segment of borrowers that is familiar with web and mobile applications, and is ready to apply for a mortgage online. We have also used demographic data to develop a more pleasant and streamlined user experience for these clients. 




Why would borrowers take out a mortgage with Jet Mortgage instead of their bank? 

First of all, we give users the opportunity to choose from a broad range of mortgages from several different banks. Next, we also have access to a vast database of valuable content, including hundreds of articles and guides, as well as around 30 calculation tools and simulators. Lastly, the process is very fast. There’s an immediate pre-approval and it takes just seven days compared to the current average of 10 days to complete entire mortgage process. That’s 30% faster!

So what does your solution have to offer a bank like BNP Paribas?

Not only can the bank offer mortgages through the platform, it can also improve conversion rates and market share while lowering operating costs. Therefore, we hope to generate a considerable flow of mortgages for TEB, Joint Venture of BNP Paribas, with a high efficiency rate that results in lower operating costs. 

BNP Paribas International Hackathon 2016

Ninety-six start-up from eight countries took part in the BNP Paribas International Hackathon June 17-19, 2016. Aided by 350 specialists from BNP Paribas, the startups hammered out their vision for the future of the customer experience. 10-week Digital Bootcamp followed the hackathon weekend and gave the opportunity to develop and finalize Finalists’ solutions. On Demo Day in Paris, 18  finalist start-up presented their solutions in front of the jury which consisted of 18 exco members and 2 external well-recognized experts.