Stockholm-based lender Swedbank has partnered with fintech firm FNZ to deliver a new savings platform.
The move will be the bank’s one of the largest investments in digital infrastructure.
The platform will provide the necessary infrastructure to support providing personalised advice as well as open opportunities for new savings and investments services.n
It is also expected to provide Swedbank with added technological capabilities to meet customer requirements.
Swedbank Group Financial Products & Advice head Kerstin Winlöf said: “The new savings platform is part of our strategic effort to improve efficiency and simplify our processes and routines, while at the same time creating a stable, standardised and scalable foundation for Swedbank and the savings banks entire customer offering.
“Swedbank will speed up the further development of digital solutions and self-service functions where suitable in order at the same time to give customers more time for advanced advice based on their needs, wishes and personal situation. All to simplify our customers’ financial lives and ensure their financial health.”
The lender selected FNZ after evaluating multiple suppliers that can provide advanced savings services.
FNZ Nordics managing director Klaus Renval said: “FNZ has a proven track record of using our cutting-edge technology solutions to help more people achieve their financial goals.
“We look forward to using our considerable experience and expertise to deliver a digital-first platform that strengthens outcomes for the customers through more efficient and tailored advice, reduced complexity, and enhanced oversight and governance.”
Swedbank offers financial services in Nordic and Baltic countries. The lender has around seven million retail customers and around 600,000 corporate customers.
Last month, the bank was fined $5.5m for weak anti-money laundering (AML) controls.