Cultura Bank has partnered with Tieto Banktech to offer modern full-service technology solutions for low-cost banking operations and predictable technology costs.
Tieto is a software and digital engineering services company that supports global customers across various industries with solutions driven by its software businesses, including Tieto Caretech, Tieto Banktech, and Tieto Indtech, as well as the Tieto Tech Consulting business. Utilising cloud and AI technology, it aims to enable its customers to innovate more quickly with the latest tools.
Cultura Bank is a Norwegian ethical savings bank which will join the Local Bank Collaboration, a group of 16 independent Norwegian savings banks, to deliver access to competitive solutions in line with its 5-year partnership with Tieto.
A modern technology platform
Through the Local Bank Collaboration and its agreement with Tieto Banktech, the bank sets the foundation for improved banking operations, which will enable it to better serve its customers’ growth and development strategies. The initiative is another step in Cultura Bank’s mission to become a key bank in Norway’s sustainable finance sector.
The alliance strengthens the competitiveness of all 16 banks in the Local Bank Collaboration, as Cultura Bank will operate on a unified technology stack that optimises operations. The bank aims to develop digital solutions and intuitive tools that will free up time for proactive advisory and sales activities, as well as offer a modern digital customer interface for a better customer experience.
As part of the agreement, Tieto Banktech will offer an end-to-end core banking platform in line with industry standards that leverages scalable technology adapted to Norwegian regulatory requirements. The alliance also includes mobile and online banking products, card payment solutions, and fraud prevention tools.
The company expressed positive sentiments regarding the partnership with Cultura Bank, saying that it will migrate the bank to its core banking system. This will strengthen Tieto’s focus on innovation and renewal of customer-centric solutions, with increased integration of responsible AI to automate and simplify internal work processes and optimise engagement.
