PrivatBank is expanding its scope of open banking solutions by integrating Nordigen’s account data transaction categorisation engine. This allows PrivatBank to make faster, more precise and ultimately more responsible lending decisions.
As part of its open banking initiative, PrivatBank is leveraging customer transaction data to offer its customers' better tailored digital banking services. To gain fast and accurate insights from this data and automate its lending decision processes, the Bank is using Nordigen’s transaction categorisation engine.
PrivatBank has launched its open banking platform with the help of global technology giant Tieto. The platform is expected to create “effective and innovative solutions” for its customers. Nordigen’s transaction categorisation product helps PrivatBank improve their customer on-boarding, loan underwriting and increase its lending volumes.
“At the end of last year, PrivatBank started to offer consumer loans. The Bank’s cooperation with Nordigen is our logical step and strategic decision, which will allow us to improve the speed and accuracy of our credit decisions. Bank positively and with enthusiasm evaluates the cooperation with Nordigen as it will enhance the scope of use of cutting-edge technologies in FinTech. We are looking forward to mutually successful cooperation,” comments Una Jansone, member of the Board of PrivatBank.
“At Nordigen, we strongly believe that the worldwide adoption of open banking will greatly improve the financial lives of billions of people. PrivatBank is one of the first banks to deliver an innovative and competitive financial service offering to its customers in Latvia. Our technology helps PrivatBank better understand their customers to offer them targeted consultations, tailored products and improve overall customer satisfaction,” says Nordigen Head of Enterprise Sales Kristaps Driķis.
About PrivatBank
AS PrivatBank is the 12th largest credit institution in Latvia by total assets. By the amount of capital — 8th largest (as at 31.12.2018). The Bank provides financial services to physical and legal entities at 11 branches throughout Latvia — 6 branches in Riga and one each in Valmiera, Daugavpils, Rezekne, Liepaja, and Jelgava. AS PrivatBank offers a wide range of financial services, providing individual approach, fast decision making, and competitive prices.
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