OBOS Bank has teamed up with Tietoevry Banking to launch an innovative digital lending process.
OBOS Bank, a digital everyday bank, is on the rise with 80,000 customers and a vision to fulfill housing dreams in Norway, boasting total assets of NOK 68 billion.
The partnership between OBOS Bank and Tietoevry Banking is primarily focused on revolutionizing the digital lending process. This collaboration aims to streamline mortgage applications and disbursements digitally, thereby enhancing customer experience and boosting OBOS Bank’s competitiveness in the digital space.
OBOS Bank is committed to enhancing user experience by introducing a fully automated loan process that promises efficiency and improved customer service. Tietoevry Banking contributes with its advanced technology platforms and solutions, including a modernized banking platform that integrates core banking, payments, and anti-fraud measures, all compliant with stringent security and regulatory standards.
The new agreement spans three years, where Tietoevry will provide OBOS Bank with a state-of-the-art digital loan processing solution. This solution is designed to handle refinancing requests from existing customers and all mortgage types, aiming for a quick and automated processing system that minimizes manual checks without compromising the quality of the credit process.
The partnership also involves the use of standard technology and solutions under the Digital Public-Private Partnership (DSOP) framework. These solutions include property valuation based on various data points like reported salary, property location, and size, which are crucial for real-time decision-making in the lending process.
Tietoevry Banking CEO Klaus Andersen, said, “We are proud to be able to revitalize the collaboration with OBOS Bank. The key to our mutual success is maintaining open communication and fostering effective collaboration, leveraging our extensive banking expertise and innovative technology management.
“As a result, customers can expect to receive top-notch digital services that enhance their overall experience and simplify their interactions with OBOS. Our market-leading technology platform also ensures OBOS Bank a high degree of efficiency and a competitive solution that can be quickly adapted to changing business needs.”
OBOS Bank CEO Øistein Gamst Sandlie, said, “We are a digital everyday bank that aims to be user-friendly and offer favourable terms on loans and savings. We have already observed a substantial increase in efficiency and benefits for customers through our digital lending process.
“As the solution is gradually introduced, it will eliminate queues and bottlenecks, freeing up time for customer advice and follow-up. With our growth aspirations and dedicated employees who look forward to coming to work, we have a compelling value proposition that promotes diversity in the banking industry.”
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