Powering Norwegian businesses' growth
Innovation Norway partnered with Mambu and Knowit to modernise its core banking platform, marking a significant milestone in the digital transformation of public financial services.
About the customer
Innovation Norway is a key instrument of the Norwegian Government, supporting innovation and business development of Norwegian enterprises and industry.
It supports companies in developing their competitive advantage and to enhance innovation. Innovation Norway is the Norwegian government's official trade representative abroad aiming to assist Norwegian businesses to grow and find new markets.
Innovation Norway is present in 23 international markets and in 2023 alone has distributed more than NOK 7 billion in loans and grants.
The challenge
Building an innovative financial platform
As Norway’s government-owned national development bank, Innovation Norway plays a pivotal role in supporting innovation and business development across all counties in the country.
To support the needs of its customers, Innovation Norway required a replacement for its legacy banking solution, which handles critical functions related to loans, grants, and guarantees, including loan origination, product configuration and setup, funding management, credit processes, and case management.
“Innovation Norway plays an important role as an industrial bank supporting Norwegian companies by offering the full range of financing solutions: risk loans, market loans, guarantees, and grants. We are looking forward to further improving our services together with Knowit and Mambu by building a financial platform that will serve our customers in the years to come.”
- Leon Bakkebø, EVP Banking & Financing at Innovation Norway
The solution
A modern composable cloud core
The new core banking solution will streamline manual processes, enhance data quality, and enable improved real-time insights. These advancements align with Innovation Norway’s objectives of fostering
greater digitalisation and operational efficiency.
Knowit serves as the primary system integrator ensuring smooth implementation and integration of the new platform within Norway’s financial ecosystem.
Innovation through core modernisation
Incumbent banks and challengers are facing increased expectations to deliver fast, frictionless, digital services to their customers but costly and restrictive legacy infrastructure is holding them back. Enter Mambu.
