Ahead of its FusionONE open banking developer conference this week, Finastra has revealed its new FusionFabric.cloud platform for mortgage and loan workflows, deepening its partnership with Microsoft. The vendor has also contracted with nbkc bank to build a conversational banking app on the platform, and released some 61 new APIs to the developer community.
With over 300 fintech companies registered to Finastra's open platform, the company is keen to highlight the number of financial institutions in the UK and US already leveraging the cloud with Microsoft Azure, the cloud provider that underpins the Finastra product. In the new releases, Finastra has built solutions on top of Microsoft Power BI, Microsoft PowerApps and Microsoft Dynamics 365.
The 61 new open APIs – providing more than 200 Endpoints – are already enabling Finastra’s Fusion Mortgagebot, which is built on Microsoft Power BI and PowerApps. Mortgagebot uses AI and data visualisation to add analytics, uncover trends and spot business opportunities.
In addition to this, the LenderInsights module on Finastra’s Fusion CreditQuest loan origination tool – built on Microsoft Dynamics 365 - will support banks and credit unions, linking front office relationship managers with back office underwriters.
Simon Paris, CEO at Finastra, highlights this “unprecedented shift in the way financial services businesses from across the globe collaborate, innovate and compete.”
Paris continues: “FusionFabric.cloud brings together banks, fintechs and SMEs onto a single open platform, allowing advanced technologies such as facial recognition, AI, machine learning and voice interaction apps to be created, deployed and monetized in the same ecosystem. The updates we are unveiling here are very much part of our goal to encourage collaboration in the financial services ecosystem and unlock limitless potential for innovation.”
On the separate collaboration with nbkc bank, Eric Garretson, CFO and fintech strategy leader at the bank says: “Voice services pose an untapped opportunity for the financial services industry. Consumer adoption of voice devices is growing rapidly due to the inherent on-demand access and convenience they provide.
“That’s not to say other channels will fade away, but more chatbot functionality and ability to bank via Siri, Cortana and Alexa will be increasingly important.”
Tomorrow in London, Finastra will host FusionONE, its first major developer conference. Hundreds of developers from fintechs and banks are expected to take part in a deep dive into FusionFabric.cloud tools and infrastructure at the two-day event.
Heavyweight speakers appearing include developer royalty in the form of Scott Guthrie, long time Microsoft technical figurehead and EVP of Microsoft’s Cloud and Enterprise unit. The man behind much of ASP.NET, Guthrie is responsible for the company’s cloud, server, OS, hardware, AI, database, business apps, security and development tools businesses.
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