Norwegian State Housing Bank, Husbanken, has selected banking software provider Temenos as its technology partner to digitalise its lending process.
The bank will deploy Temenos’ cloud-native core banking solution Temenos Transact to replace its legacy IT system.
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According to the vendor, Temenos Transact will help the bank improve its back-office operations and accelerate its three-year efficiency programme to reduce operating costs.
The AI-driven technology is said to automate and speed up the process of offering housing loans and grants to residents and municipalities.
Temenos Benelux and Nordics regional director Alain Vansnick said: “Temenos has deep experience in supporting Nordic banks, from tier ones to digital challengers, and helping them achieve operational excellence and deliver innovative products and services to their customers.
“With Temenos Transact we will enable Husbanken to streamline the delivery of vital loans through powerful back-office automation and standardisation, freeing up the bank’s resources to better support its customers’ wellbeing.”
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By GlobalDataEstablished in 1946, Husbanken works alongside the Norwegian Housing for Welfare strategy.
Last year, the bank processed NOK27bn ($2.82bn) in loans, grants and housing support to its customers.
Husbanken CIO Anders Jorgensen said: “Husbanken’s core priority remains to improve social wellbeing across Norway by providing simple access to vital housing loans for municipalities and residents alike.
“In order for us to extend our reach and process greater volumes of loans, we needed a core banking product that could underpin our digital transformation and drive significant efficiency gains.”
In addition, the bank will leverage Temenos Financial Crime Mitigation (FCM) suite, which is already integrated with Temenos Transact.
FCM is said to support comprehensive financial crime protection such as anti-money laundering, sanctions screening and fraud management.
