Fintech faced Oireachtas Finance Committee over worries its security is not robust enough
The fintech giant told TDs that the product will be rolled out when it is fully ready for the Irish market.
Revolut Ireland country manager Malcolm Craig appeared before the Oireachtas Finance Committee today.
He confirmed that Revolut has launched mortgages in Lithuania, where its focus is on refinancing and switching products. The exact home-loan service Revolut will provide in Ireland, and when, are still under review.
A dedicated team based in Dublin is working on adapting the offering for Ireland, he said, but he stressed that the bank will not rush the move.
The UK-based business initially launched here, and gained huge market share
Mortgages form part of Revolut’s ambition to become a primary bank for Irish customers, alongside savings and day-to-day banking.
The UK-based business initially launched here, and gained huge market share, as a payments service – allowing customers to quickly and easily send money between accounts. That remains the core of its Irish users’ activity.
Fewer than 5pc of Revolut’s Irish users currently use the app as their main account for banking, with most relying on it for payments, Mr Craig told the committee.
While Revolut seeks to expand beyond payments into more traditional banking services, TDs and senators repeatedly questioned whether its systems – particularly around fraud and customer service – are robust enough to support a move into areas like mortgages, where customers are dealing with far larger sums of money.
Revolut said fraud prevention is a core priority for the digital bank. It employs more than 4,000 staff globally in financial crime roles and submits between 70 and 80 suspicious activity reports a day to An Garda Síochána, he said.
One TD described having their account frozen for over a month
Mr Craig said in-app warnings prevented an estimated €49m worth of potentially fraudulent transactions in Ireland last year.
However, TDs raised concerns about customers having accounts restricted as part of fraud or anti-money-laundering checks, sometimes without clear notice.
One TD described having their account frozen for over a month, leaving bills unpaid and access to funds blocked and said Revolut failed to quickly provide the documentation required to resolve the issue.
Customer service was also raised as a potential issue, particularly if mortgages are a clear objective in Ireland in the coming years.
The digital bank said 82pc of customers’ queries are now resolved through an AI-powered chat with access to live agents available at all times, but accepted that any unresolved complaint is a failing on its part.
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