Cache Valley Bank enhances its digital growth strategy with Finastra
Cache Valley Bank, a community bank serving Utah and Southern Idaho with .9 billion in assets, has announced an expansion of its collaboration with Finastra, a financial software provider. The bank will be utilizing Finastra Phoenix for its core, Finastra Digital Banking for consumer and business mobile banking, and a suite of additional solutions to enhance its operations and future-proof its technology stack.
By modernizing its core banking infrastructure and reinventing its business with cutting-edge capabilities, Cache Valley Bank aims to increase efficiencies across its operations. This move will allow the bank to quickly adapt to emerging opportunities and deliver an enhanced user experience for businesses and consumers in the markets it serves.
Recognizing the limitations of its legacy digital banking solution, the bank chose Finastra for its underlying technology, flexibility, and ecosystem. By expanding its relationship with Finastra, Cache Valley Bank is well-positioned to provide an enhanced customer experience. The bank’s strategic vision includes migrating all on-premises software to the cloud over time, with Finastra Phoenix and Digital Banking supporting this goal seamlessly.
“To enable future growth, Cache Valley Bank needed an intuitive and user-friendly tech stack powered by the latest innovations in financial services,” said Swathy Parthasarathy, Chief Operating Officer, Universal Banking at Finastra. “Our core solution, digital banking, and suite of services give the bank the agility and innovative capabilities needed to continue to be a leader in the market and increase efficiencies.”
As part of its migration to the new suite of services, the bank will also benefit from Finastra’s fintech ecosystem, including partners such as Glia, a digital automation platform, and will implement Enterprise Content Management, Item Processing, and Rapid Wires from Finastra’s suite of ancillary solutions. Additionally, Cache Valley Bank has added Finastra’s Fusion Analytics business analytics tool to help inform decision-making and identify growth opportunities.
Overall, the expanded collaboration between Cache Valley Bank and Finastra signals a commitment to enhancing user experience, increasing efficiencies, and positioning the bank for future growth in the ever-evolving financial services industry.
