Kraft, a new Norwegian bank targeting customers rejected by other lenders, has selected Tieto's AI technology for processing loan applications.
Kraft Bank says that it is launching in the spring with the "goal of helping customers who have financial difficulties and cannot obtain loans" from other providers.
To help do this, the firm is tapping Tieto's technology for end-to-end automated processing for home loans, unsecured loans, debit cards and savings accounts, including Vipps and direct withdrawal.
The engine for credit rating analysis has built-in machine learning which Tieto says will provide more accurate lending decisions. In addition, Kraft will be able to use open APIs to make use of partner banks and third-party fintech partners.
Svein Ivar Førland, CEO, Kraft, says: "The goal is for all customers to have good control of their own financial situation and be able to seek normal financing.
"In order to offer customers good borrowing and savings products, we need good solutions for analysing applications, and we are very pleased to have chosen the core banking solution from Tieto in order to automate as many processes as possible."