Following this announcement, Allied Banking Corporation also went live with Finastra’s Retail Analytics service in order to optimise its reporting capabilities. The investment represents an important step into the companies’ strategy towards a future-proof technology that will develop new potential for development and digitalisation, as well as reduce costs and increase efficiency and security.
At the same time, Allied Banking Corporation upgraded from Finastra’s Equation core banking solution to its Essence service.
Finastra’s Equation core banking solution was leveraged in order to power the overall business of Allied Banking Corporation, aiming to meet its needs, preferences, and demands and to optimise its offerings, as well as accelerate its development process. By replacing its core system and migrating to the cloud, Allied Banking Corporation was also enabled to leverage the benefits of a SaaS model, allowing the financial institution to focus on its business teams toward client management and development activities. Finastra aimed to provide its technology as well, enabling customers to benefit from a smooth, secure, and efficient transition.
Finastra Essence was developed as a next-gen cloud-driven, API-first core banking system, combining broad and deep banking functionalities with advanced technology in order to provide users with comprehensive coverage of key banking tools. In addition, the company also delivered clients with the agility to improve the overall banking industry.
At the same time, Allied Banking Corporation will be enabled to leverage Finastra Retail Analytics, an easy-to-use analytics system that was designed to allow partners to generate operational, management, and regulatory reports with data and trends analysis. This process aims to give the bank the possibility to develop by automating and generating reports in a quick and efficient manner, as well as the capability to allow its internal and external auditors to access reports and information. In addition, the procedure took place without the need to print or maintain physical reports from the core banking system.
Allied Banking Corporation will focus on accelerating its ongoing commitment to deliver an improved banking experience for its customers and users by meeting their needs, preferences, and demands. At the moment, most banks and financial institutions seek to modernise their core banking systems, either by hosting on-prem or adopting a hybrid model. As this transition takes place, the partnership is expected to accelerate Allied’s digital transformation, and both firms looking forward to the process of becoming more competitive in the future.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now