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Finastra Deepens Microsoft Relationship to Drive Cloud Mortgage and Loan Innovation
Finastra announced a deepening relationship with Microsoft in a recent press release. Finastra’s FusionFabric.cloud platform is designed to drive innovation in the financial services space. The FusionFabric.cloud platform is based on Microsoft’s Azure and is designed to be an integrative platform through which FinTech innovation can be delivered using the core trusted services of Finastra.
Finastra concurrently announced that it had launched new services for FusionFabric.cloud focused on mortgage and loan workflows using Microsoft’s Power BI, Microsoft Power Apps, and Dynamics 365.
Source: SoftwareReviews, Accessed July 17, 2019
According to the Finastra press release, over half of US- and UK-based financial institutions are looking to implement cloud-based collaboration in how they operate and innovate.
The financial services landscape is rapidly being redefined because of competition in traditional markets by FinTech startups. Many financial institutions are struggling with the transformation and innovation of their core business that are frequently based upon core legacy-based infrastructure and human capital.
Additionally, smaller financial services organizations who don’t have the internal resources to develop their own internal applications and service offering are increasingly relying on outsourced innovation.
With the announcement of FusionFabric.cloud, Finastra also demonstrates two important market trends:
- Trusted vendor status is becoming increasingly important as businesses begin to outsource more of their core service offering to external vendors who are increasingly using the cloud because of its inherent scalability.
- The transition to the cloud itself is also an increasingly dominant market theme in the financial services industry. The vast majority of internally initiated transformation and innovation projects are failing to deliver the innovation and financial returns they promised. As a result, financial institutions are increasingly looking to FinTech collaboration and external vendors to achieve their goals.
Finastra’s announcement highlights the need for changing internal IT policies and procedures that increasingly involve external vendors and the cloud. As a result of these market trends, financial services organizations need to enhance their policies around security, governance, privacy, and application development as well as other core competencies that are now externally focused.
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