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Temenos to accelerate digital transformation for Norway’s Husbanken

Temenos announced a partnership today with Norwegian State Housing Bank, Husbanken in a bid to replace its legacy IT system and deploy Temenos Transact for digitalising and optimising its lending operations. Syncordis, Temenos’ partner will be supporting the implementation. The supplier is expected to automate and accelerate the processing and delivery of housing loans and grants. It will allow the Bank to boost its digital transformation project and speed up its efficiency program to reduce costs.

Anders Jørgensen, CIO, Husbanken, commented, “We are happy to announce our strategic technology partnership with Temenos. Husbanken’s core priority remains to improve social wellbeing across Norway by providing simple access to vital housing loans for municipalities and residents alike. In order for us to extend our reach and process greater volumes of loans, we needed a core banking product that could underpin our digital transformation and drive significant efficiency gains. Temenos Transact will transform and simplify our operations, and help us deliver enhanced digital services to our customers.”

According to Temenos, the Bank will also leverage its AI-driven Financial Crime Mitigation that is pre-integrated with Temenos Transact. It is expected to allow for the delivery of financial crime protections including AML to sanctions screening and fraud management.

Established in 1946, Husbanken works in alignment with the Norwegian Housing for Welfare strategy, which aims to supply adequate and secure housing for all. The Bank delivered NOK 27 billion in loans, grants and housing support in 2019 and is regarded as an essential welfare initiative of the state.

Alain Vansnick, Regional Director, Benelux and Nordics, Temenos, said, “We are excited to partner with Husbanken as they embark on their digital transformation journey. In light of the evolving COVID-19 pandemic, there has never been a better time to adopt secure and resilient digital technologies that are cloud-native and AI-driven. Temenos has deep experience in supporting Nordic banks, from tier ones to digital challengers, and helping them achieve operational excellence and deliver innovative products and services to their customers. With Temenos Transact we will enable Husbanken to streamline the delivery of vital loans through powerful back-office automation and standardisation, freeing up the Bank’s resources to better support its customers’ wellbeing.”

Recently, Temenos announced that its digital omnichannel product Temenos Infinity is supporting UK-based banks to speed up their loan applications under the government’s Bounce Back loan scheme, which in addition to CBILS, aims to provide SMBs with immediate funding.

Hemal Jayasinghe, Regional Director – Northern Europe, Syncordis, added: “We are thrilled to be partnering on this strategic digital transformation project with Temenos and Husbanken to implement Temenos Transact. It is yet another testimony of the strong partnership between Temenos and Syncordis in the Nordics region. We have seen great momentum for digital transformation in the Nordics region from Challenger banks to established institutions. Market leaders like Husbanken are taking the advantage of this opportunity and starting large transformation projects to energise the market, motivate their employees, engage with their customers better, and respond to the challenges of the “new normal” amid the COVID-19 Pandemic.”

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