back Back

UiPath launches ‘Automation in a Box’ managed service on Finastra’s cloud platform

By Edlyn Cardoza

April 26, 2022

  • Automation as a Service Offering
  • credit union
  • Financial Services
Share

 Finastra, UiPath, Automation as a Service Offering, Financial Services, Credit Union, USAUiPath, a leading enterprise automation software company, recently announced it will offer a new Automation as a Service offering on the Finastra cloud, designed to provide a managed service model for automation to Finastra’s thousands of banks, credit union, and financial institution customers. With the new offering, UiPath and its partners can design, install, deploy, run, and maintain automated processes to enable the banking sector to leverage the power of automation and the security and compliance of cloud-based infrastructure from Finastra a leading pure-play financial services software provider.

Macroeconomic trends such as inflation and the Great Resignation are straining resources across the financial sector, with an outsized impact on mid-market banks and credit unions that have comparably fewer resources than large banks. These pressures are amplifying the need for banks to evolve digital capabilities. A recent survey found that 40% of financial consumers would leave their primary financial institution for a better digital banking experience, while 56% claim their local credit union or bank’s digital offering fell short of their expectations. In addition, a recent UiPath survey found that 62% of executives at large U.S. companies are struggling with the current labour shortage.

Finastra delivers vitally important technology to over 8,600 financial institutions worldwide —including 90 of the world’s top 100 banks and more than 5,000 small banks and credit unions—to enable the future of banking through apps, marketplaces, etc., and an open innovation platform. With the new offering, Finastra customers can access built-in, managed service automation, leveraging the expertise of UiPath and its partners for implementation, maintenance, management, and support, whether in the cloud or on-premises.

“While nearly every bank is tapping into the cloud in some format, only a small percentage are using cloud to support automation for mission-critical operations,” said Riteesh Singh, SVP & General Manager, Marketplaces at Finastra. “The UiPath Automation as a Service offering is a perfect opportunity for financial institutions to take advantage of the operational efficiencies and cost savings automation can bring while ensuring data security, privacy, and lower total cost of ownership on Finastra’s open platform. Banks using the UiPath ‘Automation in a Box’ managed service can digitise faster, extend core offerings, and focus more resources on customer-centric services.”

Finastra customers benefit from easy to implement, managed automation solutions and services to improve their operations and mitigate the effects of market trends detrimental to business growth while being supported by UiPath and its partners. In addition, Finastra expects to include UiPath capabilities in its offerings, which it will monetise directly with its customers.

“Financial firms of every size realise they need to do more with less, while continuing to offer superior customer experiences and services built on the most innovative technologies,” said Nitin Purwar, Senior Director of Banking and Financial Services at UiPath. “This is especially true within the mid-market banking sector and credit unions, which are sometimes not serviced by large system integrators or platform vendors, leaving these organisations to figure out automation on their own. With our Automation as a Service offering within Finastra, customers already using Finastra solutions can now tap the power of the UiPath end-to-end automation platform and automate with speed, scale, and support.”

Previous Article

April 26, 2022

Cross River and Sardine partner to build critical risk and payments infrastructure for FinTech

Read More
Next Article

April 27, 2022

Banking Circle Group expands its financial ecosystem with the acquisition of SEPAexpress

Read More








IBSi Daily News Analysis

Web3, Indian market

April 16, 2024

Automation as a Service Offering

Explosive growth in Web3: UAE and MENA region poised to lead crypto, DeFi, and Metaverse revolution

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

FinTech finmid emerges from stealth with €35m equity funding

Read More

Today

Comviva launches ‘Low-Code/No-Code’ platform for Banks & Financial Institutions

Read More

April 16, 2024

Salt Bank rolls out financial app in Romania with Engine by Starling

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023