26 June 2024
OBOS Bank, in collaboration with Tietoevry Banking, has launched a fully automated loan process for existing customers and all mortgage applicants who apply for a financing certificate. The goal is to process as many mortgage applications digitally as possible, right up to disbursement, within a short period of time. This is just one of several technological initiatives in a new three-year agreement between Tietoevry Banking and OBOS Bank, with the aim of creating a better user experience and strengthening OBOS Bank's competitiveness.
OBOS Bank is experiencing strong customer growth, and the vision of building the society of the future and fulfilling housing dreams is becoming a reality for more and more people.
"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" says CEO Øistein Gamst Sandlie, who explains that the OBOS Bank has 80,000 bank customers and total assets of NOK 68 billion.
"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," says Klaus Andersen, CEO Tietoevry Banking.
The new digital loan process solution covers existing customers who want refinancing, as well as all types of mortgage applicants who applies for a refinancing certificate. Efforts are already underway to provide real-time solutions for all mortgage types, including customers looking to switch banks. However, to ensure the quality of the credit process, some customers may still require manual checks.
“Tietoevry Banking works closely with OBOS Bank and utilizes standardized technology and solutions developed under the Digital Public-Private Partnership (DSOP) to create a new solution. This solution calculates a property's market value using reported salary data from all employers, as well as information about its location, plot size, living space and standard. Additionally, any encumbrances on the property are obtained. Finally, OBOS bank's own rules engine and credit policy are applied to provide real-time answers through a fully automated digital lending process," explains Tom-Erik Strand-Udnæseth, Product Manager at Tietoevry Banking.
Tietoevry Banking has also extended its agreement, where several technological initiatives are underway. In addition, Tietoevry Banking will deliver a modernized banking platform that ensures a predictable and variable pricing model. This includes core banking, card and payment solutions as well as modern solutions for combating fraud and financial crime. The banking platform and all solutions will at all times be adapted to the security requirements and adhere to the regulatory requirements for the Norwegian banking system, and there are high requirements for secure and stable operation.
Contacts:
Øistein Gamst Sandlie, CEO of OBOS-banken, +47 48269021
Geir Remman, Head of Communications and Marketing, Tietoevry Banking, +47 97055017
About OBOS Bank: https://www.obos.no/dette-er-obos/english/
Tietoevry Banking is the market-leading provider of financial SaaS solutions for the Nordics and beyond. We modernize banks and unlock significant value for clients with our proven low-risk implementation of our market leading software for Cards, Payments, Credit, Financial Fraud Prevention and Wealth, as well as a modular, pre-integrated Banking as a Platform solution. With unmatched scale, expertise and specialization, we drive the industry forward by enabling financial institutions to become more agile and efficient, accelerating their digital transformation journey. We are part of Tietoevry; the group’s annual turnover is approximately EUR 3 billion. Tietoevry’s shares are listed on the NASDAQ exchange in Helsinki and Stockholm, as well as on Oslo Børs. https://www.tietoevry.com/en/