Lokalbank, a collaboration of 16 independent savings banks serving Norway, has announced plans to launch a comprehensive banking platform for the country.

The consortium has inked a five-year partnership with Tietoevry Banking to provide the new platform.

The end-to-end technology platform aims to ensure security and compliance with regulatory requirements, and includes basic banking services, mobile and online banking, payment systems, card services, and financial anti-crime tools.

Lokalbank will be migrated to a new core banking platform using a framework that aims to champion collaboration, clearly defined roles, and effective meeting structures.

Lokalbank, which serves 250,000 private and corporate customers throughout Norway, said the scalable technology will help support its growth and development plans in local communities.

Bent R. Eidem, managing director of Lokalbank, explained that the unified technology will also strengthen the competitive position of independent banks in the Norwegian market by streamlining operations.

“Digital workflows and user-friendly tools free up employees to focus on advisory services and sales,” he added. “Combined with a modern digital interface, this enhances the overall customer experience.”

Tietoevry Banking also said the new partnership, which could be extended by a further two years, will open up new opportunities for developing “next-generation digital banking services”.

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