Cultura Bank has announced a significant partnership with Tieto Banktech, marking a 5-year collaboration to enhance its technological infrastructure. This strategic move aims to modernize Cultura Bank's operations, ensuring cost-effectiveness and predictable technology costs. With approximately NOK 1.4 billion in assets and over 4,500 customers, Cultura Bank is a key player in Norway's ethical savings sector. The bank is joining forces with Lokalbanksamarbeidet (the Local Bank Collaboration), a consortium of 16 independent Norwegian savings banks, to access cutting-edge solutions and strengthen its position in the market.
Karoline BakkaHjertø, acting CEO of Cultura Bank, emphasizes the importance of this partnership, stating, 'Through the Local Bank Collaboration and our long-term technology agreement with TietoBanktech, we are laying a solid foundation for sound banking operations going forward. Modern technological solutions enable us to be a positive driving force for growth and development for our customers. This strategic move represents a major step towards becoming Norway's leading bank in sustainable finance.'
The partnership with TietoBanktech is expected to enhance the competitiveness of the entire 16-bank collaboration. Bent R. Eidem, CEO of Lokalbanksamarbeidet, highlights the benefits of a unified technology platform, saying, 'Together with the other banks in the Local Bank Collaboration, Cultura Bank will operate on a streamlined platform. We are developing digital processes and user-friendly tools that will free up employees for proactive advisory and sales activities, delivering an exceptional customer experience.'
TietoBanktech will provide an end-to-end core banking platform, leveraging industry-standard technology that is scalable and tailored to Norwegian conditions and regulatory requirements. The agreement encompasses mobile and online banking solutions, card and payment systems, and advanced tools to combat financial crime. Mario Blazevic, Managing Director of TietoBanktech, expresses his honor in being chosen as Cultura Bank's strategic partner, stating, 'We will migrate Cultura Bank, along with the entire collaboration, to our modernized core banking system in a controlled and well-tested manner. We are committed to innovation and customer-centric solutions, integrating responsible AI to streamline internal processes and enhance customer engagement.'
This partnership is a testament to Tieto's global presence and expertise in software and digital engineering services. With specialized businesses like TietoCaretech, TietoBanktech, TietoIndtech, and Tieto Tech Consulting, Tieto empowers customers across various industries with mission-critical solutions. The company's annual revenue is approximately EUR 2 billion, and its shares are listed on major exchanges in Helsinki, Stockholm, and Oslo. For more information, contact Geir Remman, Head of Communication and Marketing at TietoBanktech, or reach out to the TietoevryNewsdesk.
