Temenos (SIX: TEMN), the banking software company, today announced that the Norwegian State Housing Bank, Husbanken, will replace its legacy IT system and deploy Temenos Transact to digitalize and optimize its lending operations.
Temenos’ partner, Syncordis, will support the implementation. Temenos’ cloud-native core banking product will drive operational efficiencies across the bank’s back-office operations and reduce cost and complexity. Temenos’ technology will automate and accelerate the processing and delivery of vital housing loans and grants. With Temenos Transact, Husbanken will power its digital transformation project and accelerate its three-year efficiency program to reduce operating costs.
Established in 1946, government-owned 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.
To quickly adapt and innovate in a changing market with evolving customer needs, Husbanken selected the agile and flexible Temenos Transact. Powered by advanced cloud and AI-driven technology, Temenos Transact will bring efficiency and digitalization to the bank’s back-office operations, enabling it to focus its resources on providing seamless customer journeys and promoting social wellbeing. Real-time, API-fist Temenos Transact will provide Husbanken with the agility needed to quickly create and update digital lending services in rapid response to customer needs.
The bank will also benefit from Temenos’ AI-driven Financial Crime Mitigation which is pre-integrated with Temenos Transact and will deliver comprehensive financial crime protection, from anti-money laundering to sanctions screening and fraud management.
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.”
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 standardization, freeing up the bank’s resources to better support its customers’ wellbeing.”
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 energize the market, motivate their employees, engage with their customers better, and respond to the challenges of the “new normal” amid the COVID-19 Pandemic.”