The lighting of Finastra! The conference highlights the importance of agility, mindset and culture in the evolution of community financial institutions

Window, a global provider of financial markets and software applications, brought together leaders from community banks and credit unions across the United States for the annual Ignite! customer conference in Orlando. The event, hosted in late April, facilitated interactive working groups between Finastra’s Universal Banking leadership, subject matter experts and customers. The conference also featured an executive forum at the start of the event, facilitating productive conversations and brainstorming sessions among top executives from financial institutions.

Addressing the participants during the opening speech, Narendra Mistry, Chief Product and Technology Officer, Universal Banking, said: “Change and transformation are nothing new, but the pace of change, the rapid advancement of technology and the ability of new players to enter the market are all factors the industry is facing. This evolution makes it more important than ever for financial institutions to adapt and transform to continue to keep pace with the competition and stay ahead of what customers will expect. Through a combination of vision, drive, ambition and the right technology, banks and credit unions can make transformation a reality sooner rather than later.”

During the forum and customer events, several key points were highlighted, including:

1. The concept of “digital Darwinism”: When technology and society evolve faster than a financial institution’s ability to adapt, it will fall behind. To improve business agility, financial services companies must take a holistic, technology-powered approach to defining the future. Guided by customer voice and industry insights, financial institutions can deploy open technologies, cloud and digital infrastructure, while embracing analytics, enhanced security and the fintech ecosystem to achieve their innovation goals. Through this approach, companies can be more agile and transform as needed to keep up with customer needs.
2. Embracing the rise of artificial intelligence (AI): Artificial intelligence, especially generative artificial intelligence (Gen AI), represents the next big change in how people work and is a key transformation tool for individuals, teams and businesses. With this change happening now, not months or years from now, the fastest and most agile organizations will have an advantage. Through an effective AI transformation program, financial institutions can take small steps to enrich employee experiences, reinvent customer engagement, and reshape processes, accelerating innovation in the process. During a panel discussion, Adam Lieberman, head of AI, explained that to use AI responsibly it should be seen first and foremost as assisting, rather than replacing, people, as organizations begin to explore technology. Peter Longo, VP product management at Universal Banking, added that AI must be safely inserted into the core, digital journey, allowing the humans behind the technology to become more efficient and creative.
3. A solid risk management and cybersecurity strategy is key: In an era where cyber threats loom large and cause significant impact, the imperative for financial institutions to be prepared for potential breaches is more urgent than ever. Attendees heard about a community financial institution that, despite its significant investments in cybersecurity, fell victim to an attack. The institution’s subsequent recovery served as a testament to the effectiveness of responsive technology partners. Eric Hussey, Chief Information Security Officer at Finastra, highlighted the value of comprehensive and actionable threat-based risk assessments that understand the vulnerability of an organization’s end-to-end value chain. With this understanding, mitigating risk through outcome-focused processes and technology investments is a prudent approach and further highlights the incredible importance of integrating leading technology with the insights of those who are deeply versed in risk management. The discussion also highlighted the crucial role of a reliable core banking partner. Leveraging a cloud-based core supports the security and availability of customer data, minimizing disruption to daily operations.
4. Maintain community focus while embracing generational change: Community banks and credit unions are well positioned to meet the financial services needs of younger generations while meeting and exceeding the expectations of existing customers and members. Howie Wu of Seattle Bank and Cyrene Wilke of Horicon Bank discussed how the so-called “Amazon effect” is impacting the banking industry and noted that the industry is experiencing this change now. Generation Z consumers, for example, are new to life without technology, which presents an opportunity for smaller institutions. Because these customers expect instant, efficient digital experiences that resemble the user experience of everyday purchases, financial institutions must keep pace and provide the right solutions. However, while some generations have been quick to adopt technology, most expect a combination of both human and digital interactions within their journey to financial services. Speakers noted that younger people are often not as financially aware as previous generations, which presents an opportunity for community-based institutions to stand out from the competition by offering financial education.

“Innovation is at its best when our customers, partners and employees work as a team to solve problems and brainstorm new ways to address the challenging financial services landscape,” said Swathy Parthasarathy, Chief Operating Officer, Universal Banking. “By coming together at this event, we not only had the opportunity to highlight our innovations, but also facilitate meaningful conversations among financial services leaders in the United States. The industry is truly better when we work together and Finastra is proud to enable a robust and successful open ecosystem of ideas and solutions.”

To close the event, Finastra demonstrated its commitment to corporate social responsibility and its ESG values ​​with a volunteer activity alongside the non-profit organization Clean the world globallybenefiting One heart for women and children. Light on! participants worked together to assemble 1,400 hygiene packs to help combat complications associated with hygiene-related diseases by providing needed items to local families.

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