The move is set to send LHV Bank on a future-ready path, as the organisation eliminates the constraints in its current system, due to the over-reliance on legacy systems.
The integration with Tuum also allows the bank to develop a range of new products for its SME Lending business while conforming to the changing market demands.
The collaboration aligns with LHV Bank’s sentiment to use value-adding technology partners to deliver the best client-facing offering, as the Manchester-based company aims to increase its economic growth.
The news suggests that LHV Bank has taken a buy-over-build approach for its lending architecture and, together with Tuum’s technology, it can avoid potential legacy issues and incorporate external insight into its system development.
Through its modular platform, Tuum supports multiple business lines from a single system across Europe and the Middle East.
Last week, it was announced that LHV Bank entered into a partnership with the online savings platform Raisin UK to venture into the personal savings space.
The partnership is set to offer a 12-month fixed term, 95 day notice and easy access savings accounts, and forms part of LHV Bank’s planned launch of a direct-to-consumer savings product next year.
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