Finastra launches Fusion Data Cloud next generation data platform for rapid financial services innovation
Comprehensive solution enables financial institutions to improve customer engagement, achieve operational efficiency, manage risk, and boost revenue growth
LONDON, Oct. 26, 2020 /PRNewswire/ -- Finastra today announced the availability of its next-generation data offering, Fusion Data Cloud. The suite of solutions is designed to help financial institutions improve customer engagement, grow revenue, digitize processes for efficiency, and manage risk.
Underpinned by the FusionFabric.cloud open developer platform, Fusion Data Cloud provides:
- A data ecosystem: Supported by secure Microsoft Azure technology, Fusion Data Cloud enables banks to share their data with leading fintechs, as well as ingest data from external data sources, to create innovative new data solutions in weeks, instead of months. These solutions are pre-integrated with Finastra core products to drive scale, enable fast delivery, and provide flexibility to help institutions grow and increase customer value.
- Actionable insights: Artificial intelligence (AI) and machine learning (ML) algorithms create predictive and prescriptive analytics and delivery of real-time decision-making and insights as a service. For example, institutions can detect potential churn and better understand customer behavior to recommend the Next Product To Buy (NPTB) based on retail banking data. This equips financial institutions with intelligent insights to mitigate risk and optimize operational efficiencies.
- Connected experiences: Business Intelligence (BI) tools provide analytics visualization and omnichannel interaction. With six AI- and ML-driven BI solutions available today, financial institutions can, for example, gain an operational and 360-degree view based on payments data, and optimize loan processing and application conversion based on mortgage data.
"Finastra is uniquely placed to connect fintechs, financial institutions, and third parties to accelerate the creation of innovative data solutions for our customers and our partners. Those that embark on this data journey with us can kick start their move towards deeper customer insights and business growth. Our open ecosystem revolutionizes the innovation process – advanced analytics can generate crucial insights for financial institutions to help them personalize and transform the customer experience, reduce risk and amplify business results," said Eli Rosner, Chief Product and Technology Officer, Finastra.
Fintechs using Fusion Data Cloud gain a unique opportunity to train and deliver their solutions with sample financial institution data. One such fintech tapping into the data sharing capabilities is Vector Risk. The Vector Risk Service uses data from Fusion Opics, and is designed to help financial institutions meet the requirements of the Fundamental Review of the Trading Book (FRTB) regulation. It uses HPC (high performance computing) for extreme computational performance to analyze data, carrying out portfolio analysis and valuation in minutes rather than hours.
Justin Taylor, Managing Director at Vector Risk said, "Without access to Finastra's Fusion Data Cloud, we would need to take each institution's unstructured data, understand it, clean it, and apply a structure. This could take many months, if not years to achieve. With Finastra managing the data securely for all, it's a win-win for all parties. We're excited to be live in the FusionStore with our app."
Finastra also uses the Fusion Data Cloud to produce AI and ML related data apps that are already live, including Mortgagebot Data Insights (LOS and POS) to optimize loan processing and application conversion, Fusion Payment Insights to provide payment customers with an operational and 360-degree customer view, Fusion Analytics to enable churn detection and next best product recommendations for North American community markets and Fusion Retail Analytics for international and top-tier banks.
For further information on these apps visit the FusionStore here. To learn more about Fusion Data Cloud click here.
For further information please contact:
Caroline Duff
Global Head of PR
T +44 (0)7917 613586
E caroline.duff@finastra.com
finastra.com
About Finastra
Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world's top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers. Learn more at finastra.com
About FusionFabric.cloud
FusionFabric.cloud is a scalable, open and collaborative development platform built by Finastra. The secure and proven cloud platform encourages innovation, opening up the company's core systems through APIs so that third parties can develop applications on top. Fintechs can quickly build and promote apps worldwide. Financial institutions can access or create new services, which their customers are demanding, faster. Visit fusionfabric.cloud
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