Created in 2017 from the combination of two long-standing companies, Finastra has already emerged as one of the largest financial technology (fintech) companies in the world, building solutions to support banking and other financial services. Finastra has made innovation its hallmark, constantly seeking new ways to use technology to improve financial services for banks and customers alike. By forming a close working relationship with Microsoft, Finastra is now ushering in a new generation of fintech that puts humans at the center of these technological solutions.
Improved technology leads to a superior customer experience
With Microsoft Azure, Finastra has elevated its open innovation platform, FusionFabric.cloud, enabling the fintech ecosystem to develop on top of its trusted core solutions via open APIs. The platform is built with the power of Microsoft machine learning and advanced analytics tools. These enhanced capabilities have allowed Finastra to free up valuable time from previously time-consuming tasks, empowering the company to spend additional energy on more creative and strategic pursuits. Meanwhile, banks enjoy the benefits of smarter technology and fast access to innovation. Applied machine learning also makes it possible for Finastra to cluster and segment customers more precisely. The delivery of more targeted, personalized services contributes to a superior customer experience.
Through FusionFabric.cloud, the company also runs 90-day innovation sprints. This approach allows for regular check-ins. The company can assess the most pressing challenges, define the priorities that require additional attention, elevate successful strategies, and adjust all of it as necessary. Microsoft cloud-based solutions have made it possible for the company to adopt a truly agile approach.
Close collaboration makes for faster, smarter innovation
Microsoft and Finastra have developed a working relationship that empowers rapid innovation and quick course-correction. The partnership brings lab testing to fruition, delivering products and use cases with real value to market. Microsoft’s Data Bricks powers Finastra’s data pipelines, enabling the company to consume and deploy machine learning models. Finastra also uses Microsoft’s Power BI as its representative layer for advanced analytics, while Data Factory helps Finastra transfer and transform unique data between the stages of building software.
Data scientists from Microsoft and Finastra also collaborate on machine learning and artificial intelligence models for each sprint. Working together the team can predict and segment a bank’s customer base and, for example, in a mortgage use case, can predict confidence rates of loan acceptance.
With such undeniable success, Finastra and Microsoft look forward to a continued partnership that features innovation as a guiding force. By leveraging expertise on both side, Microsoft and Finastra have accomplished more in the fintech industry together than either could have achieved individually.
You can learn more about our partnership with Finastra here.