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Software AG - EN

Software AG: Bank Mizrahi-Tefahot takes 33% of the Israeli mortgage market through software modernization

(PresseBox) (Darmstadt, )
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- New mortgage system has allowed Bank Mizrahi-Tefahot to increase its market share by 7%
-Bank Mizrahi-Tefahot is now 3-5 years ahead of its competitors
- The major modernization project delivered on budget and on time utilizing the bank's existing systems

Software AG, a global leader in business infrastructure software, today announced that the decision of the leading Israeli mortgage lender, Bank Mizrahi Tefahot, to modernize its IT assets based on Software AG technology has allowed the bank to capture over one-third of the Israeli mortgage market. The five-year project has delivered a 7% increase in market share through offering customers tailor made products and services and put Bank Mizrahi-Tefahot 3-5 years ahead of the competition. The new flexible IT system, one of the most complex banking systems operating in Israel, and able to support the changing demands of a dynamic bank operating in a competitive market, was delivered on budget and on time.

"The large variety of financial products available today and the changes in the mortgage market following the global recession, increased customers' need for professional consultation prior to deciding and closing mortgage deals. This increased the bank's needs to operate tools which will enable tailoring the loans to each customer individual needs." said Zvika Agrovitz, CEO, ITeam, a Company of Mizrahi-Tefahot Group. "Today, there is an enormous variety of saving products and investment opportunities, which requires the bank's clerks to adjust the products to the customer in a given time. As the bank places the customer at the center, the service must be fast and efficient, and the information from various technology systems must be available in real-time."

The new system serves as the core of the bank's mortgage management capabilities and has full connectivity to the CRM system, the commercial portal, and the securities, savings, deposits and charging systems. The system provides a single view of the customer from the initial contact stage to transferring the funds to the customer's account. It also manages aspects such as the financing program, loan eligibility, warrantors and securities. Processes management support includes rules definition and data and handling authorizations.

Mizrahi-Tefahot has developed this new systems using Software AG's Natural development environment, webMethods ApplinX and webMethods EntireX.

Zvika Agrovitz: "This system provides the bank with a big advantage over the competitors in the Israeli market. The whole handling process of a loan has been shortened. We managed to avoid discrepancies and inaccuracies because the system is operative, guiding and friendly, and offers control channels rather than just documentation."

Mizrahi-Tefahot is the fourth largest bank in Israel, employing 3500 employees in 110 branches spread across the country. The bank manages third of Israeli housing loans, and considered the largest mortgage bank in the country. More than 300,000 households are making use of its services, as well as 100,000 deposits, savings, and pension funds customers. The bank handles mortgages that are based on both bank money as well as mortgages financed by the state treasury, with a total of 56 billion NIS.

"A 3-5 year lead over the competition based on optimized software and processes is phenomenal", said David Broadbent, Executive Board member and Chief Operating Officer, Region East at Software AG." And importantly, Bank Mizrahi-Tefahot has established this lead by developing a new system in our Natural development environment while re-using its existing IT systems and investments. This was a very astute business decision by the bank and an extremely professional project implementation by Mizrahi-Tefahot's IT department and Software AG consulting services."
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The publisher indicated in each case (see company info by clicking on image/title or company info in the right-hand column) is solely responsible for the stories above, the event or job offer shown and for the image and audio material displayed. As a rule, the publisher is also the author of the texts and the attached image, audio and information material. The use of information published here is generally free of charge for personal information and editorial processing. Please clarify any copyright issues with the stated publisher before further use. In case of publication, please send a specimen copy to service@pressebox.de.