With this solution, Tietoevry Banking and Lokalbank seek to offer scaled security and compliance with regulatory requirements, with the solution including core banking services, mobile and online banking, payment systems, card services, and anti-financial crime tools.
As a collaboration of 16 independent financial institutions, Lokalbank currently serves 250,000 private and corporate customers across Norway. The organisation focuses on facilitating advancement and development in local communities and, with the partnership with Tietoevry Banking, it aims to support this commitment through scalable and modern technology. Commenting on the news, representatives from Lokalbank underlined that the strategic agreement with Tietoevry Banking equips their organisation with a unified technology platform that simplifies operations across the collaboration. Through digital workflows and user-friendly tools, employees are set to benefit from the ability to focus on advisory services and sales. Also, merged with a modern digital interface, this is intended to improve the overall customer experience. At the same time, the alliance with Tietoevry Banking seeks to solidify the banks’ position in the industry while also advancing their capabilities.
Furthermore, when it comes to Tietoevry Banking, the collaboration scales its footprint in Norway. One of the components of the partnership is a structured model for collaboration across both organisations and within the broader Frende Group. The deal between Tietoevry Banking and Lokalbank is set to last for five years, with the option to extend for an additional two plus two years. In parallel with the agreements signed with Sparebanken Norge and Lokalbank, the Frende Group also teamed up with Tietoevry Banking to enable new members to join the group under a framework facilitated by Frende.
As part of the initiative, according to Tietoevry Banking’s officials, the company will migrate Lokalbank to its modernised core banking platform, leveraging a framework that highlights solid collaboration, clearly defined roles, and effective meeting structures, in turn ensuring a gradual transition. The alliance also facilitates new opportunities for launching additional digital banking services.
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