KNBox speeds up processing mortgages at mBank

mBank arrived in the Czech Republic in 2007. And the bank currently ranks among the leading Czech banks with more than half a million customers. The bank was the first to offer its customers a completely new model of self-service banking. In which customers manage their own daily banking operations. This model allowed mBank to offer its customers a large part of its banking services completely free of charge. While at the same time ensuring their high quality and processing speed. mBank asked StringData to automate and digitise its connection to the land register in order to speed up administrative operations relating to mortgages. The whole project brought excellent results. KNBox eliminates a large part of the manual operations associated with processing mortgages at mBank. It also minimises human error during the manual transcription of data. KNBox is an efficient and easy to use tool for checking properties and for the post-sales team.

What problems did we address?

mBank needed to speed up administrative operations when processing mortgages, to automate checks and other related activities. Manual processing significantly prolonged the whole process and there was the risk of errors during the manual transcription of data. 

Clients at mBank were asked to provide a title deed and it often took a long time for them to send the required document to the bank. This prolonged the processing of mortgages. Subsequent checks and other activities relating to processing the title deed were performed manually. mBank employees then entered all the data about the property into the internal system manually. As well as data for the application for the entry of the mortgage in the land register.

The aim was to speed up the whole process, eliminate manual operations and associated human error.

Which solution did we choose?

Through comprehensive digitisation and automated data acquisition from the land register, KNBox offers faster and more efficient processing. Other important benefits are a zero error rate and cost savings.

We offered our client mBank KNBox, a tool that helps retrieve electronic data from the land register. Thanks to comprehensive digitisation mBank can offer clients faster and more efficient processing of their mortgage using KNBox. mBank also saves money from processing.

mBank has worked with StringData in the past on projects for the implementation of SDBox and BINF. Thanks to this cooperation, they also learned about the KNBox system for connection to the land register. mBank also approached several other suppliers with an enquiry about this project. This concerned not only connection to data in the land register, but also further cooperation. Connection to the Portal for Appraisers and the land register in Slovakia was also discussed. Since StringData offered an existing solution for connection to the land register, it was easier to envisage and select the final product. Another factor was the affordability of the complete solution.

A major advantage of KNBox is the prevention of input errors. Employees do not need to manually transcribe data from the land register. Another benefit is the ability to track changes in the property portfolio. For example, capturing changes in ownership, the status of proceedings currently underway and their automatic processing. The KNBox user interface offers more options than those available in applications offered by the land register. Rremote access or viewing data in the land register and data is displayed clearly and intuitively. KNBox offers the option of displaying data and printouts in the same format as those available through the land register. It also offers regular updates relating to changes issued by the land register.

How did the project go?

The whole project brought excellent results and significantly sped up processing mortgages.

The KNBOX smart connector to the land register sped up the whole process of processing mortgages, eliminated manual operations and associated human error. KNBOX processes about 1,000 documents per month.

Who was involved in the project?

StringData’s internal team worked on the project in close cooperation with representatives of mBank’s IT, business, procurement and risk departments.

Duration of the project

We began the tendering process in August 2019 and from then on gradually clarified the client’s requirements and criteria; we then moved into the project development and delivery phase. Implementation took a total of 13 months.