First Independence Bank selects suite of Finastra solutions to grow its retail business
Detroit-area bank will appeal to a younger customer base through the implementation of Finastra's Fusion Phoenix core, Fusion Digital Banking and other solutions
LAKE MARY, Fla., Oct. 1, 2020 /PRNewswire/ -- Finastra announced that First Independence Bank has selected its Fusion Phoenix core, Fusion Digital Banking, Fusion DepositPro and Fusion TotalTransact, as well as a number of other solutions, in order to provide its customers with a robust and fully digital banking experience. As a Community Development Financial Institution (CDFI), committed to serving its local community, the bank will realize operational efficiencies through a more streamlined service, and better serve its customers with modern banking services.
"First Independence Bank has been an integral part of the Detroit community for 50 years, with an affinity for supporting our under-served and minority populations," said Elizabeth A. Zuchelkowski VP, Chief Financial Officer, First Independence Bank. "As Detroit continues to undergo a true renaissance, we recognize the need to offer modern banking services to appeal to an evolving demographic that is shifting increasingly younger. By offering our account holders a single, seamless, and easy-to-use banking experience we will better serve our existing customer base while appealing to that more technologically-driven demographic."
Beyond the importance of the digital channel, which was magnified when the pandemic hit, First Independence Bank recognized that it was being restricted by its legacy core and was looking to transform. Fusion Phoenix stood out from other solutions in the market for being built on Microsoft technology, resulting in an intuitive user interface and easy access to data and reports. An integrated CRM will empower the bank as it expands its business and will help to deepen existing customer relationships. Additionally, because the core will reside in the Microsoft Azure cloud, the bank will be able to scale efficiently as it grows and improve time-to-market with new products and offerings.
"Finastra believes that financial institutions and technology vendors have a responsibility to redefine finance for good, and we are always excited to work with banks that share our passion," said Chris Zingo, SVP and GM of Americas Field Operations, Finastra. "First Independence Bank had a clear vision for the type of service it needed to provide in order to exceed the expectations of its customers and best serve its local community. We were able to work closely to help make this vision a reality by creating a suite of solutions – from core and digital to account opening, bill payment and more – to deliver a flexible, robust and fully integrated set of banking capabilities. This not only met the bank's specific needs and budget requirements, but it also promises to drive a strong return on investment and an enhanced customer experience."
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
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