First Independence Bank taps Finastra to grow its retail business

By Pavithra R

Michigan based First Independence Bank has announced that the bank has selected Finastra‘s Fusion Phoenix core, Fusion DepositPro, Fusion Digital Banking, and Fusion TotalTransact, as well as other solutions to provide its customers with robust and fully digital banking experience.

First Independence Bank, as a Community Development Financial Institution (CDFI), is committed to serving the local community, the bank will realize operational efficiencies through a streamlined service, and better serve its customers with modern banking services.

“First Independence Bank has been an integral part of the Detroit community for 50 years, with an affinity for supporting our under-served and minority populations. As Detroit continues to undergo a true renaissance, we recognize the need to offer modern banking services to appeal to an evolving demographic that is shifting increasingly younger. By offering our account holders a single, seamless, and easy-to-use banking experience we will better serve our existing customer base while appealing to that more technologically-driven demographic,” said Elizabeth A. Zuchelkowski VP, Chief Financial Officer, First Independence Bank.

Beyond the significance of the digital channel, which was magnified when the pandemic hit, Independence Bank was looking to transform and free its restriction by its legacy core. Finastra’s Fusion Phoenix, built on Microsoft technology stood out from other solutions in the market resulting in an intuitive user interface and easy access to data & reports. Since the core resides in the Azure cloud, the bank will be able to scale efficiently as it grows and improve its time-to-market with new products and offerings. An integrated CRM is expected to empower the bank as it expands its business and will help to deepen existing customer relationships.

“Finastra believes that financial institutions and technology vendors have a responsibility to redefine finance for good, and we are always excited to work with banks that share our passion. First Independence Bank had a clear vision for the type of service it needed to provide in order to exceed the expectations of its customers and best serve its local community. We were able to work closely to help make this vision a reality by creating a suite of solutions – from core and digital to account opening, bill payment and more – to deliver a flexible, robust and fully integrated set of banking capabilities. This not only met the bank’s specific needs and budget requirements, but it also promises to drive a strong return on investment and an enhanced customer experience,” said Chris Zingo, SVP and GM of Americas Field Operations, Finastra.

Founded in 2017, Finastra is building an open platform that accelerates collaboration and innovation in financial services. Recently, Educational Systems Federal Credit Union selected Finastra to enhance its digital experience.