The mortgage market may be in turmoil due to a number of macroeconomic headwinds, but Revolut CEO Nik Storonsky believes a digital upgrade is also needed.
Image Source: Revolut
Revolute Known for its fast-moving culture.
However, one of the most traditional banking activities, lending, has always been much less of a priority compared to, for example, international expansion and cryptocurrencies.
Maybe that is about to change. The ambitious “super app” is eyeing the highly competitive mortgage market, said CEO and co-founder Nick Stronsky.
Fintech companies also last weekReveal the latest features – Chat function for about 20 million users – No concrete plans to launch a mortgage product Storonsky Said The Irish Independent reports that mortgages are on the way
“We definitely do consumer mortgages,” he says. “If you look at the whole mortgage process, it can take a month or two. Seven days at most. It’s all pretty ‘legacy,'” Stronsky said.
However, the UK mortgage market in many cases still relies on human brokers, paper processes and even direct signatures on documents.
Storonsky said Revolut’s mortgage will be one of two models.
“The first one is a mortgage that we financed as a bank,” he said.
“Or maybe it’s like a mortgage referral. It’s a 100 pc digital frictionless experience, just like it’s done. Everything is automated in an instant,” he added.