Loughborough Building Society taps Finastra to boost growth in the UK

By Gloria Methri

Global FinTech provider Finastra has announced that Loughborough Building Society has selected Essence, deployed on Microsoft Azure cloud, to increase its operational efficiency and future-proof its offering.

With Finastra’s SaaS solution and Retail Analytics module, the Society can innovate and scale at speed, seamlessly integrate third-party applications and reach new customers through digital channels.

Loughborough Building Society also selected Fairmort, a provider of software solutions for financial services, to manage its data migration and regulatory reporting.

Gary Brebner, CEO at Loughborough Building Society said, “As industry and customer demands continue to evolve, we recognized the need to increase the speed at which we can adapt our services whilst ensuring the Society’s future growth. We selected Finastra due to the robustness, openness and security of its SaaS offering, as well as the flexibility this gives us to offer new services in the future. With Finastra, we can continue to make decisions by putting our member’s interests first and helping more consumers get the most out of their money to achieve their life goals.”

Essence is a cloud-first digital banking solution that combines sophisticated functionality and advanced technology to increase enterprise agility, reduce costs and improve operational efficiency. Powered by an open architecture, Essence’s retail and commercial banking functionality enables institutions to rapidly deploy products and services. Finastra’s Retail Analytics delivers a 360° view of performance metrics and turns raw data into actionable insights.

Siobhan Byron, EVP of Universal Banking at Finastra said, “Our solution is designed to help our customers adapt and implement new technologies quickly, whilst providing their customers with seamless onboarding, hyper-personalized and omnichannel banking experiences. With the addition of Retail Analytics, the Society can access data-driven insights to continue enhancing its services. We are excited to support Loughborough Building Society as it embarks on a journey of innovation and growth.”