City Network, a leading global supplier of cloud services based on OpenStack, announced an extension of its agreement with SBAB, one of the leading banks in Sweden. The bank will entrust City Network’s regulatory Compliant Cloud for its innovation of bank services. SBAB is rated first among Swedish mortgage customers and the cloud platform plays a vital role in its offering of digital services.
As the fifth largest bank in Sweden, SBAB offers loan and savings products to consumers, tenant-owner associations and property companies in the Swedish market. With the overriding customer promise of accessibility, transparency and consideration, the bank has been working intently on its digital transformation for several years. The focus has been on enabling rapid innovation and making digital solutions a key component of all aspects. City Network’s cloud for heavily regulated industries, Compliant Cloud, has been used as the foundation for this innovation.
“Regulatory compliance and security, combined with the ability to innovate at high speed, are the cornerstones of our business success. City Network and its compliant cloud services continue to provide us with the technology platform that supports these success factors, and the digital infrastructure is a vital part of our business,” said Marko Ivanic, Tech Operations Manager at SBAB.
The banking sector is in the midst of a digital transformation. The institution that enables innovation providing the best customer experience while adhering to the high regulatory demands of the sector will emerge the winner. Having posted strong growth in recent years and ranked number one among Swedish mortgage customers in the Swedish Quality Index (SKI), the digital innovation focus of SBAB has paid off. As a result, the use of City Network’s regulatory compliant digital infrastructure service is applied on a broader basis at the bank to facilitate this innovation.
“We measure our pace of innovation by looking at the number of monthly releases of new code. Since the beginning of our digital transformation journey with City Network in 2017, we have tripled the number of new releases – all developed on the compliant infrastructure service. These innovations provide great value for our customers,” said Marko Ivanic.
SBAB pioneered the Swedish banking sector’s move to the cloud. It implemented a fast-paced organization focusing on digital transformation and innovation supported by City Network’s open infrastructure. Following the extension of the agreement, the European cloud alternative for strictly regulated industries will be applied on an even broader basis in the organization.
“I am thrilled with SBAB’s continued trust in City Network to accelerate its innovation and be a leader in the field of digital banking. Its innovative approach to digital transformation and innovation with an intense focus on automation, small agile teams and short time to production is something that should be a source of inspiration for many other banks,” said Johan Christenson, CEO, and founder of City Network.
SBAB Bank AB (publ), (SBAB), was founded in 1985 and is wholly owned by the Swedish state. The bank’s business concept is to be mindful and innovative in its offering of loan and savings products and services to consumers, tenant-owners’ associations and property companies in Sweden. For more information, please visit www.sbab.se.
About City Network
City Network is a leading global supplier of IT infrastructure cloud services based on OpenStack. The company delivers public, compliant and private clouds.
City Network is certified according to ISO 9001, 14001, 27001, 27010, 27013, 27017 and 27018 – internationally recognized standards for quality, sustainability and information security. The company’s services are available from more than 20 data centers around the world. With its Compliant Cloud, City Network ensures that customers adhere to demands originating from specific laws and regulations concerning auditing, reputability, data handling and data security, such as Basel, Solvency and GDPR. City Network is a part of Iver.
For more information, please contact:
Tech Operations Manager at SBAB
CEO and founder, City Network, a part of Iver