Cache Valley Bank, a community bank with $2.9bn in assets serving Utah and Southern Idaho, has expanded its collaboration with Finastra, a financial software provider, to enhance its digital banking infrastructure.
The partnership aims to modernise Cache Valley Bank’s core banking system and improve its digital banking capabilities for both consumer and business clients. This strategic move is expected to offer increased flexibility, agility, and an enhanced user experience.
Cache Valley Bank will leverage Finastra Phoenix for its core banking operations and Finastra Digital Banking for its mobile banking services. Additionally, the bank will integrate a suite of Finastra’s ancillary solutions to future-proof its technology stack.
The bank’s strategic vision includes migrating all on-premises software to the cloud. Finastra Phoenix and Digital Banking solutions are designed to facilitate this migration, optimising back-office resources and allowing the bank to focus on improving customer experience.
Cache Valley Bank has also implemented Finastra’s Fusion Analytics to gather and analyse customer data, helping to identify growth opportunities and enhance profitability. Furthermore, the bank will benefit from Finastra’s FinTech ecosystem, including partners like Glia, a digital automation platform enhancing customer service.
Mike Lemon, chief financial officer at Cache Valley Bank, said, “For more than two decades, we have worked with Finastra to power our bank through their innovative, thoughtful, and efficient solutions.
“When it came time to seek a new partner for our digital banking needs, we knew it made sense to expand our relationship with Finastra, as they offer the experience, stability, and access to innovation we need to deliver an enhanced customer experience.”
Swathy Parthasarathy, chief operating officer, Universal Banking at Finastra, added, “To enable future growth, Cache Valley Bank needed an intuitive and user-friendly tech stack powered by the latest innovations in financial services.
“Our core solution, digital banking, and our overall suite of services give the bank the agility and innovative capabilities needed to continue to be a leader in the market, grow its footprint, and increase efficiencies. We’re honored to be a part of their growth journey.”
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