Aktia Bank finally live with Temenos T24 core banking system
Finland-based Aktia Bank has completed “the full-scale implementation” of its new core banking system, Temenos’ T24.
“Some system repairs will be carried out during the following weeks,” the bank adds.
The T24 core banking system sits alongside the credit processing system from the Swedish company Emric AB. Aktia Bank describes the two as “market leaders in their respective fields”.
The migration to the new platform was carried out in co-operation with the legacy IT system provider, Samlink.
“The new core banking platform improves efficiency in customer service processes and agility in product and service development,” states Magnus Weurlander, director at Aktia Bank.
“We have also implemented modern working processes with the implementation of the new systems,” he adds.
The tech modernisation project started in 2013. It was “necessitated by changes in customer behaviour and banking regulation, as well as the challenging economic situation”, the bank explains.
The project dragged on for much longer than initially estimated and saw a considerable budget increase.
Last autumn, after a number of delays and budget revisions, the bank reported it was finally ready to go live with T24 by the end of 2016. However, the go-live was eventually completed in early July 2017.
Also by H2 2016, the total investment was estimated to exceed €65 million (more than double since the original estimate at the start of the project – €30 million).
Aktia provides a broad range of products within banking, insurance and real estate agency to customers in Finland. It has around 380,000 customers, 1,000 staff and 45 branches/offices.