Finastra announced the launch of its data platform, the Fusion Data Cloud. The suite of solutions is designed to help financial institutions improve customer engagement, grow revenue, digitise processes for efficiency, and manage risk.
Underpinned by the FusionFabric.cloud open developer platform, Fusion Data Cloud provides a data ecosystem which is supported by the Microsoft Azure technology. The solution enables banks to share their data with fintech companies, as well as ingest data from external data sources.
This according to them, enables banks to create innovative new data solutions in weeks, instead of months. These solutions are pre-integrated with Finastra’s core products which aims to drive scale, enable fast delivery, and provide flexibility to help institutions grow and increase customer value.
The platform also provides actionable insights using Artificial intelligence (AI) and machine learning (ML) algorithms to create predictive and prescriptive analytics and delivery of real-time decision-making and insights as a service.
For example, institutions can detect potential churn and better understand customer behavior to recommend the Next Product To Buy (NPTB) based on retail banking data. This equips financial institutions with intelligent insights to mitigate risk and optimise operational efficiencies.
In addition to that, the Business Intelligence (BI) tools provide analytics visualisation and omnichannel interaction. With six AI- and ML-driven BI solutions available now, financial institutions can, for example, gain an operational and 360-degree view based on payments data, and optimise loan processing and application conversion based on mortgage data.
“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. Our open ecosystem revolutionises the innovation process – advanced analytics can generate crucial insights for financial institutions to help them personalise and transform the customer experience, reduce risk and amplify business results,”
said Eli Rosner, Chief Product and Technology Officer, Finastra.
Fintech companies using Fusion Data Cloud are able to train and deliver their solutions with sample financial institution data. One such fintech tapping into the data sharing capabilities is Vector Risk.
The Vector Risk Service uses data from Fusion Opics, and is designed to help financial institutions meet the requirements of the Fundamental Review of the Trading Book (FRTB) regulation. It is said to use HPC (high performance computing) for extreme computational performance to analyse data, carrying out portfolio analysis and valuation in minutes rather than hours.