FinWise Bank chooses Finastra’s core solution to drive its digital expansion
Fusion Phoenix enables FinWise Bank to scale key business areas, increase efficiency and deliver a superior customer experience
LAKE MARY, Fla., 21 December 2022 /PRNewswire/ — Finastra announced today that FinWise Bank, an award-winning Utah-based community bank, has chosen Fusion Phoenix as its new core banking solution. FinWise Bank, known for its strategic financing relationships with fintechs across the country, as well as being a top-25 SBA lender, will leverage its new core capabilities to better align its lending technology to consumers and businesses with its innovative fintech lending program.
“FinWise is a unique bank that does innovative things in the fintech space,” said Dawn Cannon, EVP and Chief Operating Officer, FinWise Bank. “We needed to find a core supplier that could match our needs for flexibility and growth, as well as one that has the experience and stability we could rely on. We feel that Finastra is that supplier.”
FinWise Bank chose Finastra’s Fusion Phoenix core banking solution to modernize its banking infrastructure and to run its banking business with leading capabilities and a focus on adapting to a fast-moving market. Fusion Phoenix enables the bank to build on its fintech partnership lending program, support new accounts at a national level while delivering superior customer service both locally and nationally.
With the banking industry rapidly evolving, FinWise Bank required a truly digital core solution with sophisticated banking functionality powered by open APIs, the cloud and microservices, making it fully adaptable to new and emerging technologies. As the bank continues to expand its digital footprint, Fusion Phoenix offers the necessary flexibility, increases efficiency and fully integrates customer data, allowing for more personalized campaigns and customer interactions.
“Fusion Phoenix gives FinWise Bank the open architecture and flexibility it needs to achieve its exciting digital expansion,” said Keith Redding, Chief Revenue Officer, Universal Banking at Finastra. “Our core solution’s open model creates results and extensibility today, while future-proofing technology and enabling future growth. FinWise’s innovative leadership team recognized that they needed the right partner to help scale the business for the future, and we are excited to work with whom they deliver their successful banking model across the United States.”
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, offering 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 ~8,600 institutions, including 90 of the world’s top 100 banks.
For more information, visit finastra.com
About FinWise Bank
FinWise Bank is one Utah state-chartered bank and a wholly owned subsidiary of FinWise Bancorp, a Utah bank holding company with headquarters in Murray, Utah. FinWise leverages strategic relationships with third-party loan origination platforms, proprietary loan analytics technology and the experienced management team to effectively deliver innovative lending solutions to small businesses and individuals. FinWise currently operates one full-service bank location in Sandy, Utah. For more information about FinWise Bank, visit www.finwise.bank
North American headquarters
744 Primera Blvd
Suite 2000
Lake Mary, FL 32746
United States
T: +1 800 989 9009
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SOURCE Finastra
