Leaning Closer to What the Future Holds for Our Banking Space

There is plenty that human beings can do well, and yet there is little we do better than growing on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the goods. The same has grown a lot more evident in recent times, and assuming one new fintech-themed development pans out just like we envision, it will only make that trend bigger and better moving forward.

First Citizens Bank of Iowa and Minnesota has officially expanded its collaboration with Finastra to leverage the latter’s Fusion Phoenix solution for enhancing its operation. According to certain reports, the bank will use the stated solution to realize a wide range of granular-level objectives, such as adapting to emerging opportunities, increasing operational efficiencies, automating internal processes, and many more. But what made Fusion Phoenix an ideal vehicle here? Well, available in the cloud via Microsoft’s Azure cloud platform, Fusion Phoenix has carved out an identity for itself by providing various financial institutions with  faster access to innovation, transformation at scale, accelerated time to market, cost feasibility across all operations, and an open banking framework etc. Such an expansive reach means the tool is able to accommodate every imaginable banking need, and therefore, become that all-important one-stop solution. Interestingly enough, these services, according to Finastra’s Financial Services State of the Nation Survey, also happen to be what 68% of financial institutions in the United States see as essential.

“For almost three decades, First Citizens has trusted the team at Finastra to power our operations through their innovative solutions, helping us stay one step ahead as banking technology has evolved over time,” said Joleen Fleming, Chief Operations and Retail Officer at First Citizens Bank. “As we continue to grow, Finastra has the experience and stability we can trust to help deliver better banking across the communities we serve. We’re looking forward to unlocking innovation and increasing efficiencies so we can focus even more closely on delivering financial well-being for everyone.”

While it surely sounds like a landmark development, it’s not the first time both First Citizens and Finastra have collaborated on a project. Previously, the bank had worked with Finastra to avail ancillary solutions including lending capabilities, item processing, and ECM cold storage.

Founded in 2017, Finastra’s rise to prominence has arrived on the back of its ability to provide modern-age financial software applications and conceive full-fledged digital marketplaces. The company is, at the moment, present across disciplines like Lending, Payments, Treasury & Capital Markets, and Universal Banking (Retail, Digital and, Commercial Banking). As for validating Finastra’s excellence around these areas, it can be done through a simple look at its clientele, which has over 8,600 institutions, a number that notably includes 90 of the world’s top 100 banks.