Three Finish saving banks have tapped Cognizant to develop and operate a shared core banking platform.

Under the multi-year agreement, Cognizant will build a shared core platform for Savings Banks Group, Oma Savings Bank and POP Bank Group based on Temenos T24 and Temenos Payment Hub.

The new platform will be responsible for handling over 10% of the country’s banking deposits and loans.

The vendor said that the move will enable the banks to lower business operation costs and launch new products quickly and in a cost-effective manner.

Cognizant president of Global Growth Markets Santosh Thomas said: “A secure, cloud-enabled core banking system supports faster roll-out of new features and provides superior customer experiences, while reducing operational lag, providing each bank with new future-ready capabilities.”

As part of the initiative, Cognizant will acquire bank-owned Finish IT service management firm Samlink.

Various Finish lenders, including Savings Banks, Oma and POP, own stakes in Samlink.

Samlink chairman of the board Tomi Närhinen said: “We needed a strategic partner with global scale, and proven success in modernising banking IT systems and delivering the type of robust capabilities required to foster our collective digital transformation goals — a key part of which is the core banking platform renewal.

“This is the most significant digital transformation project to date in the banks’ histories. This is part of a bold initiative that will allow us to automate processing and offer our customers a wider range of products.