Terra Gruppen, the organisation for Norway's 85 savings banks, has purchased Cambista Technologies' Financial Framework platform to offer its own and other third party products and services to customers over the Internet.
Cambista's Java-based Financial Framework will enable the savings banks to rapidly introduce new products and services online in reaction to changing customer demands and initiatives taken by other institutions, says the company. Terra Gruppen will also be able to track customer preferences behaviour in the online environment.
Terra Gruppen says it needed to implement an infrastructure that would allow customers to access all of their financial and banking information over the Internet via a common user interface. Previously member banks had only been able to provide customers with access to their core account information from its Web site. Other products and services marketed by the bank but supplied by third party vendors, such as life & general insurance, investment funds and share dealing, could only be accessed by independently logging on to the site of the relevant supplier.
Lars Fossen, group IT director, Terra Gruppen comments: "We selected Cambista as it was able to provide us with a complete solution that would allow our banks to deliver greater levels of customer service at a lower overall cost."