Fisential enables banks to rapidly upgrade their technology offerings with a suite of specialized apps they can offer to their customers in addition to their main app. Americans like choices, and specialized apps fit people's various financial styles and goals.
The First Home Saver app is perfect for tech-savvy Millennials who are planning to buy their first home. By combining a digital savings account, tools and mortgage products in one app, a new customer experience is created, focused on helping the customer achieve their goal.
Your bank also benefits by gaining insight into customer activity, leading to better service, cross-selling opportunities, stronger relationships and increased profits.
Millennials are on a home buying streak.
A new TransUnion analysis projected that at least 8.3 million first-time homebuyers will enter the mortgage market between 2020 and 2022.1 That number could climb to as high as 9.2 million if economic growth exceeds expectations, or even higher if student loan forgiveness programs are enacted.
According to Forbes.com, Millennials rank homeownership as one of their top goals in life—higher than even marrying or having kids.2 And they are using their own savings to fund the majority of their down payment.3
The app’s features include:
- Open a new online savings account with your bank.
- Set your goal and time frame with the help of a built-in mortgage calculator.
- Slide money from your checking to savings as you make daily choices to save money.
- Slide money back to your checking account whenever you really need it.
- Set up automatic transfers, daily, weekly, or monthly.
- Receive savings tips, mortgage tips and home buying tips.
- Get pre-qualified for a mortgage through your bank.
- View your progress and watch your savings grow.
Community and social good
The First Home Saver app is also good for communities. Studies have shown that home ownership helps build community pride, which in turn provides a safer environment for children and families.
The First Home Saver app can be distributed as a free tool to potential home buyers in areas that are underserved by traditional banks and mortgage companies. The app can be customized to work with first-time buyer assistance programs or community housing organizations.
Our team includes developers and designers who would like to make a positive difference through creating innovative experiences that improve people's lives.
The First Home Saver App is a win for communities, a win for banks, and a win for all those dreaming of owning their first home.
1. TransUnion.com, October 29, 2019, "Housing Market to Receive Boost as Number of First-Time Homebuyers Expected to Rise"
2. Forbes.com, November 15, 2019, "2020 Real Estate Outlook: Expert Predictions For Mortgage Rates, Home Prices, Tech And More"
3. Bankrate.com, September 11, 2019, "Survey: Nearly Half of Millennials Cite Living Costs as a Key Barrier to Homeownership"