Banks and financial institutions are undergoing significant changes as they shift towards a more modern and innovative approach to banking. A recent survey by Deloitte has identified four key trends that are driving the evolution of banking today. These trends include the modernization of legacy enterprise systems, the adoption of ML analytics to transform data processing, the use of cloud, AI, and ML technologies to break down data siloes, and the scaling of cybersecurity capabilities to combat technological fraudsters.
Leading companies in the fintech industry are playing an important role in helping banks navigate these changes. Finastra, IBM, and Sopra Banking Software are at the forefront of providing fintech solutions to banks. Finastra is a global provider of financial software applications and marketplaces that offers a wide range of solutions for institutions of all sizes. Their offerings span across lending, payments, treasury, and capital markets.
Finastra’s Fusion Essence is a core solution designed for retail and commercial banking that provides features for account management, deposits, loans, and customer engagement. The company’s Fusion Phoenix software offers an AI-enabled core banking solution that allows banks to rapidly integrate new products and take advantage of emerging opportunities. FusionFabric.cloud is another offering from Finastra that enables banks to develop and integrate fintech applications while Fusion Treasury provides solutions for managing liquidity, funding
