The Norwegian Public Service Pension Fund (SPK) has announced a contract agreement with Mambu, a cloud banking platform, and Knowit, a Nordics-based digital consultancy.
The partnership is set “to modernize SPK’s housing loan solution, allowing the institution to build a flexible, user-friendly, and complete component-based banking offering.”
SPK manages the housing loan system for government employees.
SPK’s new solution for housing loans “will be Norway’s most modern and user-friendly platform when it is launched next year.” Pairing Knowit’s in-region expertise with Mambu’s cloud banking technology will “support SPK as it brings a fully-digital and more end customer-focused solution to the Norwegian landscape.”
Per Wallentin, President of Knowit, said:
“We are proud to have been awarded the contract with the Norwegian Public Service Pension Fund. User-friendly solutions in banking and finance have long been part of our operations, and we are now seeing that more players are taking steps towards a more flexible module-based banking system, with a strong focus on high usability.”
SPK sought a platform and partner that would “provide a cohesive and user-friendly application and loan solution, which would work intuitively for customers, in line with the Norwegian government’s digitalization strategy.”
The delivery manager, Jan Georg Lehmann at Knowit, says “that government entities are currently leading the way in this area.”
Jan Georg Lehmann said:
“We have seen that the government has been innovative within digitalisation for many years, with authorities like the Norwegian Tax Administration and NAV as prime examples. It is pleasing, but not surprising, that an organisation like the Norwegian Public Service Pension Fund is the first to build a simpler, more user-friendly component-based banking solution, with data security and privacy remaining the highest priority.”
Mambu joined forces with Knowit in October 2021 “to bring modern financial solutions to the Nordic market.”
By connecting Knowit’s Dploy solution, “which is its in-house loan application system, with Mambu—SPK enjoys a frictionless, front-to-back digital experience for its new housing loan offering.”
The result is a complete application and housing loan track, to be deployed in 2024.
Nick Van Bommel, Sales Director, Northern & Central Eastern Europe at Mambu, said:
“We see it time and again that many established institutions are locked into legacy environments. This makes it incredibly challenging to adapt to new consumer and market demands. With our composable banking framework, SPK can build and enhance its products and services in a digital-first, highly configurable, secure way, and with a fast implementation time. Our robust cloud technology paired with Knowit’s loan origination offering, and its strength of experience in the sector, will support SPK as it provides a user experience that is adapted to each customer’s unique everyday life and needs.”