A new trend is picking up in the retail banking race and retail banking software. Finastra’s Fusion Phoenix core banking platform is set to become a forerunner with a slate of banks and credit unions recently announcing partnership sign-ons with the service.

The software’s cloud-based legacy core is an evolutionary innovation, making it the top choice for 25 financial institutions, among them the Fowler State Bank, Peoples Credit Union and the First National Bank of Manchester (KY).

The service is viewed as a vehicle towards “easier integration” and the ability to “meet future expectations” in the banking industry,” according to Jordan Hensley, CEO of the People Credit Union, another Fusion Phoenix signee. 

He attested to how an open technology platform is the way forward for banking and the smart choice to keep financial services relevant. 

Fusion Phoenix, Hensley asserts, will serve the current needs of banks and will facilitate their growth in the foreseeable future.

Integration, keeping costs low among its benefits

Among London-based finance tech’s broad portfolio of solutions, Finastra’s Fusion Phoenix uses an open API structure powered by Microsoft Azure. This tech enables it to compute, store, and provide analytics, among other services. As a result, financial institutions get a platform that integrates with new technology to capture emerging trends and opportunities at a low cost. 

Keeping costs low is an increasing demand strived for by 94% of financial institutions globally.

In addition, Fusion Phoenix promises excellent connectivity to an array of digital solutions for several services such as payments, lending, mortgage, digital enablement, and more. Banks that integrate with its cloud-based platform can get their hands on multiple apps that allow them to transcend conventional banking practices or models and ultimately improve the overall user experience. 

The financial industry is also getting behind the trend for open cloud-based core technology. Stephen Greer, a senior analyst for Celent, prime technological research and advisory firm for global financial institutions, stated that financial institutions now recognize how this tech can hasten innovation and eliminate efficiencies that poor integration causes.

Cloud technology’s long-term benefits are already appreciated and felt by the banking industry and credit unions, says John Weinkowitz, Finastra VP for retail and community markets. In this regard, Fusion Phoenix will help financial institutions make the most of this “exciting development.”