You know about rates sites. What about rate apps?

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Rate shopping made even easier?

Comparison site RateSupermarket.ca is now offering a mobile app billed as “the answer to your mortgage mobile prayers” and focused on comparing up-to-the-minute bank, broker and credit unions rates.

“What we’ve seen from our customer base is a demand for mobile and that just feeds into their overall desire for transparency,” Penelope Graham of RateSupermarket.ca told MortgageBrokerNews.ca. “Our customers are looking for their own information and the mobile app will make the information all the more accessible; it will make their options that much more accessible, even in an open house.”

Officially launched in June 2013, the app currently only offers mortgage rates, but the company plans to widen its offering to include everything offered on RateSupermarket.ca.

“It will expand to include all of our other offerings; comparison for bank accounts, credit cards, GICs and life, home and travel insurance,” Graham said.

So how will automatized rating tools – that allow clients to simply plug a few numbers into their smartphone instead of relying on their brokers to find the best deal -- affect the industry?

“Brokers use us as part of their marketing mix; we’re part of their income, they advertise on our site and the app isn’t going to change that,” Graham said. “Brokers will be that much more accessible to consumers through the app.”

In a technological landscape that features an app for everything, it was inevitable that a consumer-aimed mortgage calculator would be developed for the Canadian market, argue some analysts. But brokers will likely have to wait to see if increasingly fickle rate shoppers embrace this latest tool.





 

  • Scott Dawson on 2013-08-09 1:13:48 PM

    So, RateSupermarket just wasted money on a standalone App that does the exact same thing their website should do on a mobile anyway?

    Money would have been better spent on optimizing their website for mobile phones rather than making consumers take the extra step of searching for, and then downloading the app.

  • Walid Hammami on 2013-08-10 8:05:16 PM

    @Scott Dawson, converting a big site like that to to a responsive design would be costly in money and time. Making an app costs much less. The app probably cost less than 2000$/operating system. Cash flow wise it's a good decision: they start with the Iphone then adde android and with time do some upgrades. I am curious though how they will integrate with kanetix.

  • Blair Anderson on 2013-08-12 7:57:37 AM

    Wow, the same two or three mortgage brokers offering rates on different terms. How can anyone feel good, or get excited about that kind of market coverage? Would you use this? Well, I suppose RateSupermarket knows who their customers are. Good for them.

    Major changes are in the offing for mortgage brokers, and mobility is certainly one of them, but I personally don’t see this model holding up for the vast majority of professionals who take a far less parochial view of the industry.

    Cheers!

  • Ron Butler on 2013-08-12 9:13:45 AM

    @Blair, if those same two or three brokers are offering the best rates in Canada then I think it's the public's reaction to the offering that's important, not your reaction.

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