FinTech firm Finastra has been picked by Seattle Bank to provide the new technological core of its banking services.
The single branch boutique bank with $650m in assets selected Finastra’s Fusion Phoenix enabling the bank to better serve clients. The core banking system will be integrated with additional Finastra solutions, including Fusion Mortgagebot, Fusion Card Payments, Fusion Analytics, Fusion Item Processing Services, Fusion LaserPro, and Fusion Digital Banking.
John Blizzard, president and CEO of Seattle Bank, noted that this is a time of transformation for banks, with technology and evolving consumer behaviours “creating immense opportunities to redefine the banking experience for our clients.”
However, Blizzard was not blind to the notion that relying too heavily on legacy systems can leave older banks in the dust. By partnering with Finastra, the Seattle Bank boss hoped “to overcome this challenge and take back control of how we use technology to support the unique banking experience that our team works hard to deliver every day.”
He continued: “We are on a journey to deliver more, better and different solutions to clients. To do that we need partners whose business models align with our need to innovate and more easily collaborate across the entire fintech ecosystem. We believe that Finastra, working together with Microsoft, is that partner.
“Changing core banking systems is the hardest project a bank can undertake, hence less than 2% of banks in the US will typically switch cores in a given year. Our team is up for the challenge and very energized about the opportunities these investments will open up for our clients.”
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