Finastra Platform Extends CUs’ Reach

It is insufficient for credit unions to only serve people who walk into a branch – they must find ways to extend their perimeter, and literally reach out to current and future members.

Recognizing that financial institutions must become more mobile, the U.K.-based Finastra is bringing banking services outside the branch with the launch of Fusion Digital Front Office, a tablet-based platform that enables credit unions to take services directly to their members.

“We were looking to provide [financial institutions] with an innovative solution that aligns with the transformation that we are seeing in the market. Giving them the ability to really drive more engagement, more interaction was really the impetus behind creating this product,” Allan Brown, vice president/general manager, digital, community markets for Finastra, said.

Fusion Digital Front Office’s cloud-based, mobile-first design utilizes tablets to untether financial institutions’ ability to service accountholders, open new accounts and provide personal, relationship-building opportunities.

Finastra maintained taking business to the accountholder is a new way of banking, with Fusion Digital Front Office enabling business development employees to go mobile and service accountholders where they live or work. According to Finastra, formed in 2017 by the combination of Misys and D+H, it is highly configurable, easy-to-use and intuitive, so employees need minimal training on it. It also offers a single, digital platform to drive a consistent user experience across channels for both employees and accountholders, resulting in more personalized and robust opportunities for revenue generation.

John Weinkowitz, director of product management for channel products and technology for Finastra, said, “One of the primary drivers of building out Fusion Digital Front Office is that we recognize, the process of [branch] transformation can be very different between credit unions. It’s intentional for us to help our customers create the transformational process around this platform that’s best for them.”

Two Finastra customers – the $376 million, Fort Wayne, Ind.-based Partners 1st Federal Credit Union and the $620 million, El Monte, Calif.-based Vons Federal Credit Union – are the first to pilot the solution ahead of general availability.

“While mobile banking capabilities are a must-have for modern financial institutions, our members continue to expect a highly personal level of service,” Carla Bienz, president/CEO for Partners 1st, said. “With Finastra’s Digital Front Office, we are able to offer an additional way to interact with our members that combines mobility with a face-to-face interaction with our staff. The user interface allows us to quickly and efficiently provide the products and services that a member needs, without requiring lengthy workflows.”

Partners 1st, which began by serving Magnavox employees, has 24 locations around the country with several locations in Indiana, Virginia, Kentucky, Maryland and Ohio. The credit union, which is in the process of implementing Fusion Digital Front Office, became aware of the product last year. “We thought it looked like it was very much on the leading edge. It can be untethered from the core, which is wonderful. And it can be tablet based,” Bienz recalled. She also noted the platform’s intuitiveness eliminates the need for intensive training for everyone at one location.

Bienz indicated because it operates across various systems, Partners 1st can use the platform inside or outside its branches. “It completely changes the way we deal with our members. It definitely gives us a lot of ability to reach our members.”

Partners 1st is currently building and testing the Finastra platform. When it is ready to go live, it expects Fusion Digital Front Office to enable member service reps to utilize all the infrastructure behind the platform. “We will be providing a phenomenal user experience for our staff, which will lead to a great member experience,” Bienz said. Plus, because it functions like a shopping cart, staff can quickly build products and services that meet members’ needs.

Bienz held that the user friendly, intuitive product will enable staff to be much more effective, efficient and able to service members much faster. “That will be a win for both the member and our staff.”

Bienz also pointed out the tablet functionality, whether tethered or untethered, allows the credit union to utilize the platform in or outside the branch. As one usage example, Partners 1st is prepping to visit local SEGs, which each branch has its own set of, to sign up new members at their workplaces and deliver documents electronically.

Jay Lassiter, vice president, payments service marketing for Vons FCU, said, “Vons Federal Credit Union is committed to serving our customers on their terms and on their turf. Fusion Digital Front Office will allow us to bring the branch to our members, wherever they may be.”

Vons FCU, which also operates under the Certified Federal Credit Union brand, serves the employees and families of 17 grocery chains in the greater southern California area. It is in the final stage of Fusion Digital Front Office implementation.

“The product fits one of the major ways we go to market because we have a geographically dispersed membership, but all focused on a particular grocery store,” Lassiter explained. The credit union has a sales force that engages potential members at the store level on a daily basis. “So, an untethered membership tool is just a perfect technology for us.”

Lassiter maintained Vons FCU will probably implement the platform in the branch in a second phase, but right now views its primary utilization with a business development rep in a breakroom in the back of a grocery store, where most of its membership solicitation takes place. “We will either talk to a current member who has a specific need or new employees at the store who searched us out to join.”

Lassiter pointed out with this untethered membership tool, employees can assign members a new member number, show them how to download Vons mobile banking, and prepare them to login to one session.

“It really enables a credit union like Vons to serve a grocery store chain employee, to bring the bank to them, originate new accounts, do the servicing and pass on referrals, all enabled through a SaaS solution,” Weinkowitz said.

During the second phase, Lassiter anticipates the credit union will add some type of instant credit card approval upon membership opening.

From a consumer perspective, Lassiter said, “The banking transaction today must be fast, accurate and anytime they want to do it. They just want to get through the transactions they’ve got to do.” This new platform allows Vons employees to maintain a point of differentiation by adding a personal touch for the individual. “We meet our members, talk to them and help them solve their problems in this product.”

Lassiter added, “The Fusion DFO product, it’s high tech, but it has a nice soft touch and allows us to continue to do the things we do, which is to interact individually. In a world of marketing where everything is pull, we still have a lot of push marketing. We have business development reps who meet our members and sign them up or see them in a store. This is a nice marriage of technology and the way we like to go to market.”

Fusion Digital Front Office, deployed in the cloud on Microsoft Azure, is device-agnostic, scalable and responsive. The platform also integrates Finastra solutions (Fusion Analytics, Fusion Mortgagebot, Fusion DecisionPro, Fusion uOpen and more) and other third-party solutions. Users gain real-time transaction productivity via a single sign-on.

Brown noted the ability to integrate easily with other parts of the Finastra portfolio as well as other solutions ensures that data flows smoothly in and out of the application.

Keeping the platform open is critical for Finastra. “If you look at Finastra’s mission of keeping banking open, products like Fusion Digital Front Office squarely supports that mission,” Brown said, adding the company’s goal with this product, as well as others, is to ensure it is leveraging things like FusionFabric.cloud, a scalable, open and collaborative development platform. “If we continue and consistently do that, it really puts us in a better position to co-innovate with our customers and co-innovate with other fintechs, which enables the entire ecosystem to win.”