Permanent TSB has signed an agreement with Irish fintech CreditLogic to provide a new digital application platform for mortgage applicants.

The State-backed bank has around 18pc of the mortgage market share here.

The partnership will bring “state-of-the-art” technology to the new mortgage process, enabling Permanent TSB (PTSB) customers to complete their entire mortgage application process online through a special app.

The bank is aiming to begin receiving applications via the new platform later this year.

The terms of the multi-year agreement with CreditLogic are “commercially sensitive,” however the deal represents a “significant investment” by the bank in digital mortgage innovation, according to a statement from PTSB.

A personalised application process enables consumers search for mortgages, determine eligibility, apply in five steps and receive approval in principle in under an hour, the bank said.

Consumers will have “unprecedented” visibility of how their application is progressing, securely submit documents and avail of digital support throughout the process, it added.

The platform leverages open banking, Artificial Intelligence (AI) and analytics.

Tom Hayes, chief technology officer of Permanent TSB said the new platform was part of the ongoing investment by the bank in its digital infrastructure; “we have recently introduced a new digital based current account opening process and we expect to have this new mortgage application platform available in the second half of the year.”

“We’re particularly delighted to partner with a rising Irish fintech on this programme,” Mr Hayes said.

CreditLogic is a banking software company established in 2018 by a team of former senior executives working in the Irish banking sector.

The company has raised over €3m to date with the backing of Enterprise Ireland and a consortium of other investors.

Last month PTSB said it is to create 180 jobs across a number of areas including technology, business banking, risk management and data analytics.

The new positions will support the rollout of the next phase of its digital and small and medium business growth strategy, as it prepares for “a significant expansion of personal and business customers and services over the coming years,” according to the company.

PTSB is currently in talks with Ulster Bank parent NatWest over a possible takeover of some of Ulster Bank’s retail business.

PTSB recently announced a further €50m investment in its technology infrastructure and digital capability, in addition to its current €100m multi-year investment programme.