Fintech PR
Melton Building Society selects Finastra to keep pace with evolving customer demands
With Finastra’s Essence, Melton Building Society will automate core processes and unlock new avenues for business growth
LONDON, July 4, 2023 /PRNewswire/ — Finastra, a global provider of financial software applications and marketplaces, announces that Melton Building Society has selected Finastra Essence, deployed on Microsoft Azure cloud, to digitally transform its operations and provide the agility required to quickly implement new services. Finastra’s SaaS solution will enable the Society to offer enhanced customer experiences through seamless self-serve capabilities and user journeys, whilst empowering its staff to focus on value-added support by automating manual tasks.
Melton Building Society also selected Mast, a flexible, cloud-native mortgage origination system designed to help lenders process applications faster, for its loan origination service and Fairmort, a provider of software solutions for financial services, to manage its data migration and regulatory reporting.
“Our vision is to build a modern mutual society that keeps pace with the demands of our members, and digital transformation plays a critical role in this,” said Simon Taylor, Chief Executive Officer at Melton Building Society. “We selected Finastra due to its strong industry expertise and truly cloud-native solution, providing added security and giving us the flexibility to develop our offering and pursue more partnerships in future. Finastra is the right partner for us to embrace the modern world in one step, so that we can continue helping people buy homes, make the most of their savings and seek independent personal financial advice.”
Essence, now selected by three UK building societies, is a cloud-first, next-generation digital banking solution that combines sophisticated functionality and advanced technology to increase enterprise agility, reduce costs and improve operational efficiency. Powered by open, microservices architecture, Essence’s rich, broad and deep retail and commercial banking functionality enables institutions to rapidly deploy market-leading products and services. By implementing the solution, Melton Building Society can expand its product capabilities, reach new demographics and continue to provide high quality services and support to its existing members.
“End customers want to access information and services quickly, independently and with ease, alongside support from a team of experts when needed,” said Siobhan Byron, EVP, Universal Banking at Finastra. “With our solution, Melton Building Society can provide its members with more self-serve capabilities and access to specialized services by integrating with third-party fintechs, whilst reaching more customers at a reduced operational cost. The Society’s commitment to helping the communities it serves is also closely aligned with Finastra’s purpose to unlock the potential of people, businesses and communities through open, inclusive and sustainable finance.”
About Finastra:
Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning software solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by over 8,000 institutions, including 45 of the world’s top 50 banks. For more information, visit finastra.com.
About Melton Building Society
Melton Building Society is a mutual society founded in 1875 and based in Melton Mowbray, Leicestershire. As a specialist mortgage lender and savings provider, the Society is committed to offering a range of mortgage products, savings accounts, and financial services to help customers achieve their homeownership and financial goals. Melton Building Society prides itself on its strong customer focus and the provision of a personalised, flexible, and efficient service to meet the needs of its members. For more information, please visit the Melton Building Society website at www.themelton.co.uk.
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