FinWise Bank selects Finastra’s core solution to power its digital expansion

By Edlyn Cardoza

Finastra announced that FinWise Bank, a Utah-based community bank, has selected Fusion Phoenix as its new core banking solution. FinWise Bank, known for its strategic financing relationships with FinTechs nationwide and being a top 25 SBA lender, will leverage its new core capabilities to better align its retail and business lending technology with its innovative FinTech lending program.

“FinWise is a unique bank doing innovative things in the fintech space,” said Dawn Cannon, EVP, and Chief Operating Officer, FinWise Bank. “We needed to find a core provider that could match our needs for flexibility and growth, as well as one that has the experience and stability we could put our trust in. We feel that Finastra is that provider.”

FinWise Bank selected Finastra’s Fusion Phoenix core banking solution to modernise its banking infrastructure and to propel its banking business with leading-edge capabilities and a focus on adapting to a fast-moving market. Fusion Phoenix empowers the Bank to build upon its FinTech partnership lending program, supporting new accounts nationally while delivering superior customer service locally and nationally.

With the banking industry rapidly evolving, FinWise Bank required a digital core solution with sophisticated banking functionality powered by open APIs, the cloud, and microservices, making it fully adaptable to new and emerging technologies. As the Bank continues to expand its digital footprint, Fusion Phoenix offers needed flexibility, increases efficiencies, and fully integrates customer data, allowing for more personalised campaigns and customer interactions.

“Fusion Phoenix provides FinWise Bank the open architecture and flexibility it needs to achieve its exciting digital expansion,” said Keith Redding, Chief Revenue Officer, Universal Banking at Finastra. “Our core solution’s open model creates results and extensibility today, while futureproofing technology and enabling future growth. FinWise’s innovative leadership team recognized that it needed the right partner to help scale the business for the future, and we’re pleased to work with them as they deliver their successful banking model across the United States.”