Cache Valley Bank accelerates its digital growth strategy with Finastra
By Delisha Fernandes
Cache Valley Bank, a community bank with $2.9 billion in assets serving Utah and Southern Idaho, has expanded its collaboration with Finastra, a financial software provider, to enhance its digital banking infrastructure.
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.
When the bank recognised 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.”
Cache Valley Bank expanded its relationship with Finastra to modernise its core banking infrastructure and reinvent its business with 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.
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 optimisation 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.
Recognising 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, behaviours, 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.
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