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2022-05-23 09:34:04
23. May 2022 - Elop's AI business unit Simplifai has signed a strategically
important 3-year innovation partnership with Sparebank 1 SR-Bank. This is a
milestone achievement as Sparebank 1 SR-Bank has proven to be a first mover
within fintech in the Norwegian banking industry.

The 3-year contract includes a digital employee for email management (Emailbot)
for both the retail and corporate customer centers in addition to a strategic
innovation partnership.

"The innovation partnership means that we will work together to further develop
the solutions, investigate new applications and new use cases within Sparebank
1-gruppen and to create better and more efficient automation solutions for the
banking sector," says Bård Myrstad, CEO of Simplifai.

Sparebank 1 SR-Bank is regarded as an early mover in the banking industry for
the use of Artificial Intelligence and has for many years been a fintech
innovator. The bank's retail and corporate customer centers handles 300.000
emails every year and will apply Simplifai's AI-based Emailbot solution to
automate the process of handling and responding to the large and growing number
of customer requests. The Emailbot will use AI to analyze and process 100
percent of emails by classifying, handling processes, extracting metadata,
archiving, forwarding, and replying.

"SR-Bank works continuously to streamline internal processes to create better
customer experiences. We see great potential for streamlining back-office
operations through the collaboration with Simplifai. There is also a potential
for synergy effects between Simplifai and companies in the Finstart Nordic
portfolio," says Glenn Sæther, Vice President for Technology, Development and
Business Processes at SpareBank 1 SR-Bank.

Sparebank 1 SR-Bank is Norway's second largest bank measured by total assets
(2020 numbers). The bank has more than 350,000 individuals and companies as
customers, and a presence with 34 branches from Bergen in the west to Oslo in
the east. The bank is headquartered in Stavanger and has more than 1500

Contact for press/media:
o Stian Thorsrud, Head of Communications and Marketing, tel: +47993 00 003
o Bård Myrstad, VP Simplifai, tel: +47 415 03 263
o Øivind Horpestad, Executive Chairman of Elop, tel: +47 910 00 626

Contact for investors:
o Kim Boman, CFO of Elop, tel: +47 959 63 912

About Elop AS:
Elop is a Norwegian technology company that has developed tools and digital
solutions to inspect, monitor and manage infrastructure worldwide. The company's
technology portfolio includes a patented ultrasound technology for inspection
and analysis of critical infrastructure. Through data-driven and AI-based
solutions for inspection and predictive maintenance of concrete infrastructure,
Elop's vision is to provide asset owners with solutions that improve safety,
extend asset lifetime, minimize total lifecycle cost and environmental
footprint. Elop is headquartered in Norway. For more information: www.elop.no

About Simplifai:
Simplifai is Elop's AI business unit. It supports Elop with developing
data-driven and AI-based solutions for inspection and monitoring of critical
infrastructure. Simplifai operates as a stand-alone business where it develops
automation solutions using artificial intelligence to help clients across
numerous industry sectors to grow effeciently. For example, Simplifai's Digital
Employee solutions can automate labor intensive work process where natural
language communication including email, chat or documents are central. This
includes customer relations, case handling, HR and accounting. Simplifai was
acquired by Elop in January 2021. For more information: www.simplifai.ai