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August-October 2019

Three Finnish banks, one core IT platform

There are times when it makes sense for several different companies to share resources. This happens quite frequently in the car industry, for example, in which components and even entire sub-assemblies may be common to cars from different manufacturers. Usually, although not always, the individual companies in such projects are all subsidiaries of a single, larger organisation. Even when they’re not, it often makes sense to avoid reinventing the wheel, as long as the wheel isn’t central to the business’s unique selling point. Resource-sharing isn’t the exclusive preserve of manufacturers, as demonstrated by a project in Finland in which three banks are to share a single core IT platform. The three banks in the scheme are Säästöpankki (Savings Banks Group), Oma Säästöpankki (Oma Savings Bank) and POP Pankki (POP Bank Group). Cooperation between these three Finnish banks isn’t a new concept. They previously shared resources with a common core platform, but that had been in use for almost 40 years, so a change was well overdue. ...

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