Cultura Bank, a Norwegian ethical savings bank, has selected Tieto Banktech, a Nordic banking software provider specialising in core banking and digital financial services, as part of a strategic five-year technology partnership.
Cultura Bank operates as an independent savings bank in Norway, serving more than 4,500 customers and managing approximately NOK 1.4bn in assets.
As part of the new agreement, the bank will also join Lokalbanksamarbeidet, the Local Bank Collaboration, a consortium of 16 independent Norwegian savings banks.
Tieto Banktech delivers banking technology solutions to financial institutions across the Nordic region, offering core banking platforms, digital channels, payments, and compliance tools.
Under the agreement, Tieto Banktech will provide Cultura Bank with an end-to-end core banking platform. This includes mobile and online banking services, card and payment solutions, and advanced tools for combating financial crime.
Cultura Bank acting CEO Karoline Bakka Hjertø said, “Through the Local Bank Collaboration and our long-term technology agreement with Tieto Banktech, 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.”
Tieto Banktech managing director Mario Blazevic said, “We’re honored that Cultura Bank has chosen Tieto Banktech as its strategic partner through the Local Bank model. We will now migrate Cultura Bank, together with the entire collaboration, to our modernized core banking system in a well-tested and controlled manner.
“We are intensifying our work on innovation and renewal of customer-centric solutions with increasing integration of responsible AI that streamlines internal work processes and enhances customer engagement and relevance for Cultura Bank and the entire Local Bank Collaboration.”
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