Finastra releases new data offering – Fusion Data Cloud

By Megha Bhattacharya

Finastra, today, announced the availability of its next-generation data offering – Fusion Data Cloud. The new offering is expected to help financial institutions enhance customer engagement, increase revenue and digitise processes for efficiency and manage risk. Fusion Data Cloud aims to offer a data ecosystem, actionable insights and connected experiences.

“Finastra is uniquely placed to connect FinTechs, financial institutions, and third parties to accelerate the creation of innovative data solutions for our customers and our partners. Those that embark on this data journey with us can kick start their move towards deeper customer insights and business growth. Our open ecosystem revolutionizes the innovation process – advanced analytics can generate crucial insights for financial institutions to help them personalize and transform the customer experience, reduce risk and amplify business results,” said Eli Rosner, Chief Product and Technology Officer, Finastra.

According to Finastra, FinTechs can use the new data offering to train and deliver their solutions with sample financial institution data.

The company uses the Fusion Data Cloud to produce AI and ML related data apps that are already live, including Mortgagebot Data Insights (LOS and POS) to optimize loan processing and application conversion, Fusion Payment Insights to provide payment customers with an operational and 360-degree customer view, Fusion Analytics to enable churn detection and next best product recommendations for North American community markets and Fusion Retail Analytics for international and top-tier banks.

Justin Taylor, Managing Director at Vector Risk said, “Without access to Finastra’s Fusion Data Cloud, we would need to take each institution’s unstructured data, understand it, clean it, and apply a structure. This could take many months, if not years to achieve. With Finastra managing the data securely for all, it’s a win-win for all parties. We’re excited to be live in the FusionStore with our app.”