The enhanced banking application empowers community banks and credit unions to remain competitive, offering a seamless user experience across multiple platforms and new features for account holders
Lake Mary, FL, US – April 24, 2024 – Today at Ignite! 2024, Finastra, a global provider of financial software applications and marketplaces, announced the availability of its latest mobile banking software, Next Gen Mobile Banking, a new digital banking experience for community banks and credit unions. The advanced mobile banking application provides a seamless user experience, offering financial institutions customization options and enhanced security features.
This comes as community financial institutions strive to maintain and grow market share in a competitive and consolidating landscape, which requires cutting-edge mobile banking offerings – particularly when it comes to obtaining the rising generations of account holders. With Next Gen Mobile Banking, Finastra empowers community banks and credit unions with features likely to appeal to customers and members of all ages, such as the app’s built-in personal financial management tools, with which financial institutions can offer account holders easy access to budget planners and more.
“Climate First Bank is a unique and digitally-driven financial institution, which means we need the right tools to support our growth and to give our customers the digital experience they expect and deserve,” said Marcio de Oliveira, executive vice president, chief technology and digital banking officer at Climate First Bank. “This new app enables us to provide a seamless, personalized, and easy to use mobile banking experience that supports our vision of reimagining finance as a force for good. We’re grateful to be an early adopter of Finastra’s new solution, and we look forward to working with our customers across both personal and business segments to take advantage of everything it has to offer.”
As bad actors become increasingly sophisticated, preventing fraudulent activity is only more pressing for community financial institutions today. Next Gen Mobile Banking provides banks and credit unions with enhanced security features like Passkey Authentication, which offers seamless and robust protection against phishing and other threats. The expanded authentication method means that credentials cannot be guessed, intercepted, or reused, strengthening the overall security for the user. User Trusted Device Management is also enabled in the application, which offers account holders transparency and trust while mitigating unauthorized access to personal information.
“Finastra has delivered sophisticated digital experiences for many years, and this enhancement marks our commitment to creating solutions that provide community banks and credit unions with the features and security needed to help them stay ahead of the competition,” said Narendra Mistry, chief product and technology officer, Universal Banking at Finastra. “With Next Gen Mobile Banking, our customers can deliver an innovative and sophisticated user experience that is tailored to the unique needs of the communities they serve.”
Other key features of Next Gen Mobile Banking include:
Recognizing that each financial institution in the United States is unique, the solution offers a selection of interface templates, providing each institution with the power to personalize the mobile experience and to tailor the application to their specific needs.
The solution was developed cross-platform, allowing for faster development cycles and easier deployment across different mobile operating systems.
Since the application is built using a single codebase, a seamless user interface is available across both iOS and Android devices, enabling a consistent brand identity and customer experience for account holders. The unified code base also allows for rapid updates, enabling financial institutions to deliver the latest enhancements and features quickly and efficiently.
Next Gen Mobile Banking is now deployed for financial institutions participating in Finastra’s pilot program. The application is expected to be available for all Finastra Phoenix consumer banking customers in mid-2024.