Global provider of financial software applications and marketplaces Finastra has announced the launch of its Next Gen Mobile Banking solution. Designed to cater to community banks and credit unions, this new digital banking experience aims to offer improved customisation options and security features.

According to the official press release, community financial institutions are currently seeking innovative mobile banking solutions to maintain and expand their market share, especially among younger generations. Next Gen Mobile Banking addresses this need by providing features such as built-in personal financial management tools, enabling account holders to access budget planners easily. One early adopter, Climate First Bank, emphasised the importance of digital tools in supporting growth and delivering a seamless banking experience to customers.

Enhanced security features, such as Passkey Authentication and User Trusted Device Management, aim to mitigate fraudulent activities and protect users' personal information. Officials from Finastra highlighted the company's commitment to providing sophisticated solutions created specifically to meet the needs of community banks and credit unions. Next Gen Mobile Banking offers various other features, including customisable interface templates and cross-platform development for iOS and Android devices, ensuring a consistent user experience.

Currently deployed in Finastra's pilot programme, Next Gen Mobile Banking is expected to become available for all Finastra Phoenix consumer banking customers by mid-2024. What else has Finastra been up to? In April 2024,  Finastra rolled out its Solution Store, which is an online platform that offers customers retail lending solutions. The Solution Store provides customers with the ability to buy retail lending solutions seamlessly, eliminating the necessity for meetings, emails, phone calls, or contracts.

Accessed securely via Finastra's Customer Success Community, clients receive a purchase confirmation email outlining next steps upon checkout. This streamlined process expedites adoption, enabling customers to experience the advantages of Finastra solutions faster than traditional industry implementation schedules. In March 2024, Jefferson Bank selected Finastra Payments To Go, a payments-as-a-service solution for its new instant payments services.

According to the announcement released at the time, the cloud-based payments solution was set to help Jefferson Bank to efficiently deliver both RTP TCH and FedNow services 24/7 and accommodate the rapidly growing volume of instant payment transactions. Deployed on Microsoft Azure’s cloud, Payments To Go provided Jefferson Bank with the ability to offer new payments rails, including RTP and FedNow Service. Both RTP TCH and FedNow services, available through Finastra’s Financial Messaging Gateway, connected directly to their respective networks for more affordable access to the payment rails.

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