Banking Digital News

Oma Savings Bank Plc and Cognizant Have Agreed to Terminate the Contract for the Core Banking Project

Oma Savings Bank Plc and Cognizant Have Agreed to Terminate the Contract for the Core Banking Project

Oma Savings Bank Plc and Cognizant have agreed to terminate the contract for the core banking project

FINTECH BANNER

Oma Savings Bank Plc (OmaSp) and Cognizant have mutually agreed to cancel the project and terminate the contract regarding the renewal of the core banking platform commenced in 2019. As part of the agreement Cognizant will pay OmaSp a significant financial compensation, which will have a positive impact of approximately EUR 22 million on OmaSp’s profit before taxes for the financial year 2021.

CEO Pasi Sydänlammi, OmaSp

“Negotiations with Cognizant have taken place in good spirits and we concluded that the termination of the cooperation agreement for the core banking project is the best solution for OmaSp. Samlink will continue as an essential IT services provider for OmaSp. The cancellation of the project will have no impact on our customers’ banking services and we will continue to develop our digital services in a determined manner.”

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OmaSp is a growing Finnish bank and the largest savings bank in Finland based on total assets. About 300 professionals provide nationwide services through OmaSp’s 32 branch offices and digital service channels to 140,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

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OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

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