CredEx: New Swiss Mortgage Exchange
The mortgage platform CredEx (Credit Exchange) is going to turn the Swiss mortgage market upside down. Financial advisors can place loan applications of their customers on the platform. Afterwards lenders submit their bids. Thus a relationship between mortgage customers and institutional lenders should be created and, consequently, best interest rates achieved.
Lower Interest Rates due to Competitive Offers and Transparency
CredEx has been launched by Swisscom, Mobiliar, Vaudoise, Clientis Bank and the consultancy EY. The platform is designed to simplify mortgage origination processes for all involved. Borrowers do not have to ask for individual quotes any more and, due to competition, they obtain the lowest interest rates. What is more, unlike comparison portals and brokers, CredEx offers full transparency. And on the part of capital providers, the effort is also largely minimised because transacting and portfolio servicing can be outsourced.
Three Biggest Swiss Banks Are Not on Board Yet
As it is applications of CredEx sales partners that are placed on the platform, being a customer with one of them is a prerequisite for using CredEx services. In addition to the participating companies referred to above, it is, for example, Glarner Kantonalbank. At present, the three biggest Swiss banks UBS, Credit Suisse and Raiffeisen Bank do not partner with CredEx. If customers are to be offered a comprehensive market overview, it is necessary and desirable for CredEx to add other partners to its network. The platform has not started yet, and other partners are still free to join the CredEx ecosystem.
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