Three Finish saving banks have tapped Cognizant to develop and operate a shared core banking platform.

Under the multi-year agreement, Cognizant will build a shared core platform for Savings Banks Group, Oma Savings Bank and POP Bank Group based on Temenos T24 and Temenos Payment Hub.

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The new platform will be responsible for handling over 10% of the country’s banking deposits and loans.

The vendor said that the move will enable the banks to lower business operation costs and launch new products quickly and in a cost-effective manner.

Cognizant president of Global Growth Markets Santosh Thomas said: “A secure, cloud-enabled core banking system supports faster roll-out of new features and provides superior customer experiences, while reducing operational lag, providing each bank with new future-ready capabilities.”

As part of the initiative, Cognizant will acquire bank-owned Finish IT service management firm Samlink.

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Various Finish lenders, including Savings Banks, Oma and POP, own stakes in Samlink.

Samlink chairman of the board Tomi Närhinen said: “We needed a strategic partner with global scale, and proven success in modernising banking IT systems and delivering the type of robust capabilities required to foster our collective digital transformation goals — a key part of which is the core banking platform renewal.

“This is the most significant digital transformation project to date in the banks’ histories. This is part of a bold initiative that will allow us to automate processing and offer our customers a wider range of products.