Kraft Bank chooses Tietos AI solution to process loan applications

Friday 23 March 2018 14:34 CET | News

Kraft Bank, a new Norwegian bank launched in 2018, has decided to use Tieto’s AI solution for core banking to offer end-to-end automated loan processing. 

Tietos solution includes end-to-end automated processing for home loans, unsecured loans, debit cards and savings accounts, including Vipps and direct withdrawal. It will make it possible for Kraft to offer customers a broad spectrum of financial services in a cost-efficient, fast and secure manner, according to a press release published on the company’s blog. 

The engine for credit rating analysis has built-in machine learning which will provide more accurate decisions. Kraft will have the opportunity through open APIs to make use of a wide range of channels, such as financial institutions and partner banks, and also to utilize third-party FinTech partners. 

Kraft Opportunities AS is a project company which has developed a new bank in Norway and has obtained conditional authorisation from the Financial Supervisory Authority of Norway for the operation of this bank. When the conditions in the authorisation have been met, the company will be converted to a bank under the name Kraft Bank ASA.

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Keywords: Kraft Bank, Tieto, AI in banking, online banking, loan applications
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech