Powered by Finastra Phoenix and Digital Banking, plus an
expanded suite of solutions, the bank will enhance its user
experience for both businesses and consumers
LAKE MARY, Fla., May 16, 2024 /PRNewswire/ -- Finastra today
announced that Cache Valley Bank, a community bank with
$2.9 billion in assets serving
Utah and Southern Idaho, has expanded its collaboration
with the financial software provider, gaining increased flexibility
and agility through its cloud-based solutions. The bank will
leverage Finastra Phoenix for its core, Finastra Digital Banking
for consumer and business mobile banking, and a suite of ancillary
solutions to enhance its operations and future-proof its technology
stack.
Cache Valley Bank expanded its relationship with Finastra to
modernize its core banking infrastructure and to reinvent its
business with cutting-edge abilities and increased efficiencies
across its operations. The bank is enhancing its Finastra core
solution while replacing its digital banking infrastructure with
Finastra's robust end-user engagement platform, making it
well-positioned to quickly and efficiently adapt to emerging
opportunities and to better deliver an enhanced user experience for
businesses and consumers across the markets it serves.
When the bank recognized that its legacy digital banking
solution could not offer the enhanced customer experience it wanted
to deliver, it chose Finastra for its underlying technology,
flexibility, and ecosystem. "For more than two decades, we have
worked with Finastra to power our bank through their innovative,
thoughtful, and efficient solutions," said Mike Lemon, chief financial officer at Cache
Valley Bank. "When it came time to seek a new partner for our
digital banking needs, we knew it made sense to expand our
relationship with Finastra, as they offer the experience,
stability, and access to innovation we need to deliver an enhanced
customer experience."
The bank has a strategic vision to migrate all on-premises
software to the cloud over time. Finastra Phoenix and Digital
Banking support this goal and are designed to seamlessly migrate to
the cloud, enabling the optimization of back-office resources and
architecture. This shift will allow the bank to focus on its other
priorities, such as the customer experience, more closely.
"To enable future growth, Cache Valley Bank needed an intuitive
and user-friendly tech stack powered by the latest innovations in
financial services," said Swathy
Parthasarathy, chief operating officer, Universal Banking at
Finastra. "Our core solution, digital banking, and our overall
suite of services give the bank the agility and innovative
capabilities needed to continue to be a leader in the market, grow
its footprint, and increase efficiencies. We're honored to be a
part of their growth journey."
Recognizing the importance of applying data to inform
decision-making, the bank has added Finastra's Fusion
Analytics business analytics tool as well. The solution helps
community banks gather and aggregate their customers' current
relationships, behaviors, and lifestyle attributes to identify
opportunities for growth and profitability.
As part of the bank's migration to its new suite of services, it
also benefits from access to Finastra's fintech ecosystem,
leveraging partners such as Glia, a digital automation
platform offering enhanced customer service. The bank additionally
will implement Enterprise Content Management, Item Processing, and
Rapid Wires from Finastra's suite of ancillary solutions.
About Finastra
Finastra is a global provider of financial software applications
and marketplaces, and launched the leading open platform for
innovation, FusionFabric.cloud, in 2017. It serves
institutions of all sizes, providing award-winning software
solutions and services across Lending, Payments, Treasury
& Capital Markets and Universal Banking (Retail, Digital and
Commercial Banking) for banks to support direct banking
relationships and grow through indirect channels, such as embedded
finance and Banking as a Service. Its pioneering approach and
commitment to open finance and collaboration is why it is trusted
by over 8,000 institutions, including 45 of the world's top 50
banks.
For more information, visit finastra.com
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