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According to the Financial Supervisory Authority of Norway, total consumer borrowing by Norwegians exceeded NOK 100 billion in 2017, and the Financial Supervisory Authority is warning against this trend. Tieto's solution includes end-to-end automated processing for home loans, unsecured loans, debit cards and savings accounts, including Vipps and direct withdrawal. It will make it possible for Kraft to offer customers a broad spectrum of financial services in a cost-efficient, fast and secure manner.
“We are proud to be a part of Kraft's vision of improving the financial climate for Norwegians. This is also an important milestone for us since Kraft is Tieto's first lending customer in Norway, and the agreement will open the door to more customers choosing our lending platform. We have already had expressions of interest in the platform from several firms. The platform is fully compatible with the local statutory requirements and with integrations into the Norwegian banking infrastructure,” says Pedram Tadayon, Vice President for Lending and Finance at Tieto.
The engine for credit rating analysis has built-in machine learning which will provide more accurate decisions. Kraft will have the opportunity through open APIs to make use of a wide range of channels, such as financial institutions and partner banks, and also to utilize third-party FinTech partners.
The leader in the Nordic countries
With installations in 24 different countries and 60 individual banks and credit institutions as customers, Tieto is the leading supplier of lending solutions in the Nordic countries for this segment.
In the process of establishing a head office in Sandnes
Kraft Bank has been granted conditional authorisation from the Financial Supervisory Authority of Norway for the operation of the banking business that is in the process of being established. Once the final authorisation is obtained, there will be a national bank with its head office in Sandnes.
