SWDBY Swedbank A B (PK)

  By Dominic Chopping 
 

STOCKHOLM--Swedbank AB said Tuesday that it is investing in a savings platform that will provide the necessary infrastructure to support personalized advice and create the opportunity for new services for savings and investments.

"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, standardized and scalable foundation for Swedbank and the savings banks entire customer offering," said Kerstin Winloef, head of group financial products & advice at Swedbank.

The Swedish bank said it is partnering with global fintech firm FNZ on the new platform. FNZ offers cloud technology which strengthens the possibilities both in terms of scalability and flexibility, Swedbank said.

"Great complexity and increased regulatory pressure, coupled with higher demands on reliability and efficiency, make it beneficial to share the costs of platforms and together drive technological development forward," Mrs. Winloef added.

Financial details weren't disclosed.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

June 08, 2021 05:01 ET (09:01 GMT)

Swedbank A B (PK) (USOTC:SWDBY)
Historical Stock Chart
From Mar 2024 to Apr 2024

Swedbank A B (PK) (USOTC:SWDBY)
Historical Stock Chart
From Apr 2023 to Apr 2024