Users: Home buyers, especially first-timers, face inflated prices, inefficient tools and overwhelming noise that keep them from receiving the best option and best decision. Currently, property portals provide only a binary filtered approach that leads then to generic results. Buyers are put in an oversaturated bidding process over the same, “trending” properties creating a herding effect. Prices inflate and accelerate housing market bubbles, creating volatility and instability. Noise and cognitive bias in the process often lead buyers to irrational decision-making.
Customers: The struggle for Swedish mortgage loans is stepping up. There are new incumbents in the market offering 0.95 per cent in interest rate, a move that puts pressure on the big banks. These banks have been losing mortgage customers in Sweden for 12 consecutive months, marking an unprecedented development at the biggest Nordic lenders. Some portfolios have lost 15% of market share with an average monthly decline of 951 million kronor forcing them to respond by cutting prices on many home loans. Customers are also leaving other big banks as smaller (often online) competitors grab market share by offering cheaper mortgages.
Users: Loogup is a Service Engine for homebuyers empowering our users throughout the whole buying process. We offer a one-stop-platform for decision-making, down-payment financing, mortgage, insurance, inspection, moving and utility costs optimisation. By using behavioural economics, mathematical models and artificial intelligence we democratise the real estate market, empowering our users with a recommender system for assessing properties and related services, increasing their bargaining power in a sector historically controlled by the industry. Future plans are to apply Loogup in other industries (cars, jobs, universities, etc.)
Customers: We are not only helping our users make educated purchase decisions but also connecting them to the right lender and service providers. We offer lenders, a touching point with customers with a call to action in the moment of truth, providing a quick check-out for mortgage approvals and conversions. Helping them with customer profiling, qualified leads generation, lowering their client acquisition and customer service costs. This solution increases their approved vs rejected ratio, improving their brand positioning, strengthening their mortgage portfolio and reducing the risk caused by overvaluation.
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