Norway’s Kraft Bank has selected Tieto’s AI solution for core banking to provide end-to-end automated loan processing services.

The bank, established this year, aims to provide financial services to the people who cannot obtain loans from other lenders.

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Kraft CEO Svein Ivar Førland said: “The goal is for all customers to have good control of their own financial situation and be able to seek normal financing.

“In order to offer customers good borrowing and savings products, we need good solutions for analysing applications, and we are very pleased to have chosen the core banking solution from Tieto in order to automate as many processes as possible.”

Tieto’s solution features end-to-end automated processing for different types of loans, debit cards and savings accounts and direct withdrawal.

The usage of this solution is expected to enable Kraft provide multiple types of financial services swiftly and cost-efficiently.

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Tieto vice-president of lending and finance Pedram Tadayon said: “This is also an important milestone for us since Kraft is Tieto’s first lending customer in Norway, and the agreement will open the door to more customers choosing our lending platform.

“We have already had expressions of interest in the platform from several firms. The platform is fully compatible with the local statutory requirements and with integrations into the Norwegian banking infrastructure.”

Kraft Bank has already received conditional authorisation from the Financial Supervisory Authority of Norway to operate banking business in eh country.

After procuring the final authorisation, the bank will commence its operations with its head office in Sandnes.