[Press Release] Finastra launches Fusion Data Cloud

Charlotte Cheung

Finastra has announced the launch of its next-generation data offering, Fusion Data Cloud. The suite of solutions is designed to help financial institutions improve customer engagement, grow revenue, digitize processes for efficiency, and manage risk.

Fusino Data Cloud provides a data ecosystem supported by secure Microsoft Azure technology, which enables banks to share their data with leading fintechs, as well as ingest data from external data sources, to create innovative new data solutions in weeks, instead of months.  

It also provides actionable insights. Artificial intelligence (AI) and machine learning (ML) algorithms 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 optimize operational efficiencies.  

Finally, it provides connected experiences: Business Intelligence (BI) tools provide analytics visualization and omnichannel interaction. With six AI- and ML-driven BI solutions available today, financial institutions can, for example, gain an operational and 360-degree view based on payments data, and optimize 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. Those that embark on this data journey with us can kick start their move towards deeper customer insights and business growth. Our open ecosystem revolutionizes the innovation process – advanced analytics can generate crucial insights for financial institutions to help them personalize and transform the customer experience, reduce risk and amplify business results,” said Eli Rosner, Chief Product and Technology Officer, Finastra.

Fintechs using Fusion Data Cloud gain a unique opportunity 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 uses HPC (high performance computing) for extreme computational performance to analyze data, carrying out portfolio analysis and valuation in minutes rather than hours.

Justin Taylor, Managing Director at Vector Risk said, “Without access to Finastra’s Fusion Data Cloud, we would need to take each institution’s unstructured data, understand it, clean it, and apply a structure. This could take many months, if not years to achieve. With Finastra managing the data securely for all, it’s a win-win for all parties. We’re excited to be live in the FusionStore with our app.”

Finastra also uses the Fusion Data Cloud to produce AI and ML related data apps that are already live, including Mortgagebot Data Insights (LOS and POS) to optimize loan processing and application conversion, Fusion Payment Insights to provide payment customers with an operational and 360-degree customer view, Fusion Analytics to enable churn detection and next best product recommendations for North American community markets and Fusion Retail Analytics for international and top-tier banks.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Pryon Secures US$100 Million in Series B to Advance AI in Knowledge Management

Pryon Secures US$100 Million in Series B to Advance AI in Knowledge Management

Pryon Inc., a North Carolina-based company specializing in integrating artificial intelligence (AI) with knowledge management, has completed a Series B investment round, raising US$100 million. The funding was led by Thomas Tull’s US Innovative Technology Fund (USIT), with contributions from both new and existing investors, including Aperture Venture Capital,

Amazon Launches Upgraded AI Enhanced Fire TV Sticks

Amazon Launches Upgraded AI Enhanced Fire TV Sticks

Amazon has rolled out a series of updates to its Fire TV offerings. The new features include an improved conversational voice search powered by generative AI and Fire TV Ambient Experience advancements. Among the latest hardware releases are the Fire TV Stick 4K Max and the Fire TV Stick 4K, incorporating the enhanced Fire TV Ambient Experience.

Interactive Learning with Augmented Reality

Interactive Learning with Augmented Reality: Applications, Benefits and Challenges

Ever wondered what it would be like if your textbooks could talk, if the illustrations in your lessons could come to life, or if you could step into history rather than just read about it? Welcome to the world of augmented reality (AR) in education! Like a magic wand, AR can turn the abstract into tangible and the mundane into extraordinary, unfolding boundless educational possibilities.

How AI Threatens Your Password Security

Unlocking the Dangers: How AI Threatens Your Password Security

You may have heard of artificial intelligence (AI) technology’s many cool capabilities, such as assisting doctors or predicting the weather. However, there is something not-so-cool we need to discuss: AI could make our passwords less safe, which is concerning.

What Does Gen-Z Want in a Career

What Does Gen-Z Want in a Career?

Most managers feel that Gen-Z is “difficult to work with”, entitled and easily offended. The prevalent notion is that this generation is prone to distraction, lacks tech skills and is deficient in productivity and motivation. They want to butt heads, have their say and not listen. Harsh, yes. These studies perhaps ignore that most of the Gen-Z workforce graduated and entered the workforce during COVID-19.