CASE
INNOVATION NORWAY
Composable core banking platform strengthens Norwegian business growth
In partnership with Mambu, Knowit supports Innovation Norway to build a flexible, cloud-based core banking platform. The new system will reduce manual work, enhance data quality, and expedite decision-making, enabling Norwegian businesses to access financing more efficiently and reliably.
CHALLENGE
Slow service delivery with outdated legacy systems
Innovation Norway is a national development bank backed by the Norwegian government. Its purpose is to fuel commercial diversity, innovation, and market expansion for organisations across Norway. In 2023 alone, Innovation Norway disbursed over NOK 7 billion in grants and loans.
Innovation Norway was struggling with agility and real-time insight, making it increasingly difficult to serve businesses promptly and efficiently. Legacy systems handling crucial functions; loan origination, product configuration, credit evaluation, case management, and funding oversight, were slowing down service delivery.
SOLUTION
Composable structure and real-time insights to meet high expectations
As the government’s development bank, Innovation Norway carries a responsibility to provide businesses with efficient and reliable financial support. But its legacy banking system was becoming a bottleneck. Manual workflows slowed down processes, while fragmented data made it difficult to base decisions on accurate, real-time insights.
To continue meeting the expectations of Norwegian businesses, the organisation needed a flexible and scalable solution that could handle the full spectrum of services – from loans and guarantees to grants and credit processes. The goal was clear: replace the outdated infrastructure with a future-ready platform that could improve efficiency, data quality, and decision-making capacity.
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, Innovation Norway
RESULT
Composable, cloud-first, future-ready
Knowit led the system integration, guiding Innovation Norway through the transition to a modern, cloud-based core banking platform powered by Mambu. This was done with a “one-hand-to-shake” approach, where Knowit integrates and migrates everything. The new solution streamlines operations by automating case management, loan origination, and credit workflows – significantly reducing manual effort and the risk of errors.
The automated access to real-time data provides leaders with a clear overview of funding flows, performance, and bottlenecks, enabling faster and more informed decision-making. The composable design also allows Innovation Norway to configure and launch new financial products in days rather than weeks, ensuring the bank can respond quickly to evolving business needs.
Supporting Agenda 2030: Growth through solid finance
Goal 8 – Decent Work and Economic Growth: Faster access to funding allows more Norwegian businesses to launch, scale, and employ, directly contributing to sustainable economic growth.
Goal 9 – Industry, Innovation and Infrastructure: Upgrading the core infrastructure for financing ensures more resilient, modern, and innovative service delivery - strengthening the financial sector’s capacity to support industry.
Through this collaboration, Knowit has helped lay a digital foundation that empowers Norwegian businesses today and strengthens the economy for tomorrow.
Do you want to know how we can assist you?
Give us a call or send a message, and we will get in touch with you.
Jan-Georg Lehmann
CCO, Knowit Financial Solutions