Fintech
Cache Valley Bank accelerates its digital growth strategy with Finastra
Window announced it today Cache Valley Bank, a community bank with $2.9 billion in assets serving Utah and southern Idaho, has expanded its partnership with the financial software provider, gaining greater flexibility and agility through its cloud-based solutions. The bank will leverage Finastra Phoenix for its core, Finastra Digital Banking for consumer and business mobile banking, and a suite of ancillary solutions to enhance its operations and future-proof its technology stack.
Cache Valley Bank has expanded its relationship with Finastra to modernize its core banking infrastructure and reinvent its business with cutting-edge capabilities and greater efficiency across its operations. The bank is enhancing its core Finastra solution while replacing its digital banking infrastructure with Finastra’s robust end-user engagement platform, making it well-positioned to quickly and efficiently adapt to emerging opportunities and deliver a better user experience for businesses and consumers around the world. markets it serves.
When the bank recognized that its legacy digital banking solution couldn’t deliver the enhanced customer experience it wanted to deliver, it chose Finastra for its technology, flexibility and core ecosystem. “For more than two decades, we have partnered with Finastra to empower our bank through their innovative, thoughtful and efficient solutions,” said Mike Lemon, chief financial officer of Cache Valley Bank. “When it came time to look for 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 offer a better customer experience.”
The bank has a strategic vision to migrate all local software to the cloud over time. Finastra Phoenix and Digital Banking support this goal and are designed to migrate seamlessly to the cloud, enabling optimization of resources and back-office architecture. This shift will allow the bank to focus more closely on its other priorities, such as customer experience.
“To enable future growth, Cache Valley Bank needed an intuitive, easy-to-use technology stack powered by the latest innovations in financial services,” said Swathy Parthasarathy, chief operating officer of Universal Banking at Finastra. “Our core solution, digital banking, and our overall suite of services give the bank the agility and innovative capabilities needed to continue to lead the market, grow its presence and increase efficiency. We are honored to be part of their growth journey.”
Recognizing the importance of applying data to inform decision making, the bank also added Finastra’s Fusion Analytics business analytics tool. The solution helps community banks collect and aggregate their customers’ current relationships, behaviors and lifestyle attributes to identify growth and profitability opportunities.
As part of the bank’s migration to its new suite of services, it also benefits from access to Finastra’s fintech ecosystem, leveraging partners like Glia, a digital automation platform that offers improved customer service. The bank will also implement Enterprise Content Management, Item Processing and Rapid Wires from Finastra’s suite of ancillary solutions.