Leumi, one of Israel’s leading banks, and Tarya Fintech, Israel’s largest P2P lending company, have joined forces in a strategic initiative to develop and adapt Leumi’s mortgage system, as part of the bank’s modernization project, according to a press release.
With Tarya Fintech’s technology and Leumi’s leadership, experience and knowledge the companies are looking to create a customizable digital mortgage platform. The system will be developed with a focus on customers’ needs.
Although mortgage credit is one of the major areas of activity in the banking system, with more than 30% of banks’ credit portfolio being comprised of mortgages, the process of taking out a mortgage loan is generally cumbersome.
The new system will alter the way mortgages are obtained, giving customers a state-of-the-art, user friendly and transparent experience across the entire process, at the time and place of the customer’s choosing. The system will offer unique capabilities with the aim of cutting red tape, shortening underwriting processes and simplifying the various approvals required, giving customers a concise, speedy response, tailored to their needs.
The system, which is currently under development, will be available for use by Leumi and Tarya Israel in Israel; Tarya Fintech will be able to use the system to serve its customers worldwide.