Tieto and Balancion partner to boost new personal finance management services for banks

Tieto Corporation  PRESS RELEASE  9 February 2011 at 10.30 am EET

Tieto and Finnish Balancion partnership will focus on enabling banks to modernize their service offering for retail segment. The partnership is an important building block in Tieto's new service, which is designed to help finance sector companies improve their online customer service. Balancion's online personal finance management solution (PFM) can be branded and embedded seamlessly to bank's online services, enabling banks to transform and differentiate their offerings to private customers to a new level.

Balancion's solution provides consumers a complete view on their personal finances, giving them greater control of how they plan and maintain their personal income and expenditure. It combines data from a variety of sources - a user's bank accounts and bank or credit cards purchases - and provides visually descriptive follow-up and planning features. This alone is a major advance compared to the personal finance management solutions offered by most banks today. The service is also self-learning: over time it learns to locate income and expenditure to common or user-tailored categories. New features are continuously developed in close cooperation with users.

Sami Uski, Tieto's Business Advisor at Financial Services says: "Cooperation with Balancion complements our total concept for finance sector. Banks can now broaden their consumer services portfolio and improve customer satisfaction, to strengthen their position in the highly competitive consumer market. With Balancion's help, we can enable banks to offer user-friendly and dynamic service based on real consumer's needs."  

Jussi Muurikainen, Founder & CEO of Balancion says: "Tieto is an obvious integration and distribution partner for our PFM solution us as we want to focus on the Balancion service itself. Working with a trustworthy and highly experienced partner in financial sector gives us the international credibility we need. This is a win-win situation for everyone involved: Tieto can strengthen its offering with our fast-developing solution and we get extra clout our white label solution needs for wide-spread adoption by banks. However, the best news is that consumers can now expect their banks to provide them with better domestic money management tools."

Tieto's offering for financial industry includes everything from banking services, internet banking and payment, card and capital market services to development, application management and outsourcing.

For further information please contact:

Sami Uski, Business Advisor, Tieto Financial Services, tel. +358 40 5151 230, sami.uski@tieto.com

Kia Haring, Head of Communications, Tieto Financial Services, tel. + 358 40 765 3700, kia.haring@tieto.com

Jussi Muurikainen, Founder & CEO, Balancion Oy, tel. + 358 50 5673100 jussi.muurikainen@balancion.com

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Tieto is the leading IT service company in Northern Europe providing IT and product engineering services. Our highly specialized IT solutions and services complemented by a strong technology platform create tangible business benefits for our local and global customers. As a trusted transformation partner, we are close to our customers and understand their unique needs. With more than 17 000 experts, we aim to become a leading service integrator creating the best service experience in IT. www.tieto.com

Balancion Oy is a Finnish company that develops and provides innovative digital personal finance management (PFM) services. The Balancion service solution has been developed since 2008 in close cooperation with service design agency Idean Enterprises Oy and software development company Mysema Oy, with a high focus on consumer needs and user experience. The data security has been designed and verified by Nixu Oy, the Finland's largest specialist company in information security. Balancion Oy is privately owned and as a startup company funded also by public Finnish investor Tekes, the most important publicly funded expert organization for financing research, development and innovation in Finland. www.balancion.com