Bengaluru, India – May 31st, 2021 – i-exceed technology solutions, a leader in digital banking transformation, today announced that its Appzillon Corporate Mobile Banking and Appzillon Corporate Onboarding apps are available for subscription through The World Fintech Report 2020 revealed that 50% of consumers now say their financial services provider doesn’t deliver a personalized experience, while 48% of new-age consumers were frustrated by a narrow range of products and services.
In this scenario, the strongest option for financial institutions is to turn to the challengers driving change in the industry – fintechs. A growing financial ecosystem now offers the chance to match specific solutions to consumer pain points via an app-based collaboration, delivering change fast, while keeping financial institutions in control.
Digital transformation traditionally relied on a total replacement of core systems – a risky and costly endeavor. However, APIs now enable what Deloitte refers to as ‘microservices-based architecture... providing access to and from other internal and external services’, augmenting the core system with new solutions.
Fintechs are going beyond traditional financial services to create marketplaces of specific services that add value to client relationships, internal processes and product development. By matching the right service to a problem or goal, financial institutions can quickly find solutions to pressing business challenges, accelerating progress and driving change while at the same time mitigating transformation risk and resource drain.
A strategic approach to partnership
While each financial institution has unique needs, app marketplaces offer a high degree of flexibility and a variety of options to choose from. Financial institutions may even find that there are multiple app options for augmenting their offerings. In this instance it can be helpful to work with an approved finance app marketplace that pre-vets solutions and developers which can help significantly save on implementation time, cost and risk.
Finding the right partner
The World Fintech Report 2020 identifies a three stage-process for selecting and implementing app solutions:
- Identify opportunities by creating an end-to-end consumer journey map that shows all potential optimization opportunities.
- Analyze performance at each stage of the consumer lifecycle against competitor service offerings to prioritize mid and back-end processes that have maximum impact on operational efficiency and consumer experience.
- Collaborate with fintechs to digitize workflow elements and experiences, improving performance.
By approaching app selection in a targeted way, financial institutions can deploy specific solutions at each stage of the consumer journey in order to steadily keep up with the rapidly changing and evolving consumer expectations.
Marketplaces in action
Finastra’s FusionFabric.cloud platform enables financial institutions to connect to a wide array of innovative fintech offerings designed to solve their most pressing challenges. Financial institutions can access the FusionStore, browse for, and select, the app that solves their business need, and leverage the out-of-the-box pre-integration in order to quickly realize the value of the app.
Financial institutions can quickly update their service with consumer facing solutions that automate support inquiries, accelerate on-the-go transaction approvals or provide enhanced visibility over consumer needs and engagement. Internal apps include cloud risk management, internal retail analytics and fraud detection software to help drive performance and team efficiency.
With all fintechs and applications pre-vetted for quality and relevance by independent experts, financial institutions can make safe and reliable choices, faster.
The open financial future
As digital becomes the standard means of finance engagement, financial institutions will need to offer consistent, seamless experiences across their product suite. Apps help financial institutions close specific gaps in their digital solution offerings and upgrade the most pressing technical issues without instigating an end-to-end review of core infrastructure.
Financial institutions and fintechs will both play a key role in the next stage of financial services innovation, but this requires both sides to see suitable ROI from their partnerships. By working on specific challenges, fintechs can maximize value added for their financial services partners, while financial institutions offer access to a wider addressable market. With increased focus and clarity both partners benefit, and more importantly this ultimately benefits the end consumer.
Finastra works with the world’s most forward-thinking financial institutions to drive digital value at scale. To find out how you can take the next step on your transformation journey talk to one of our team today or browse the innovative apps already available on our marketplace.
" target="_blank">Finastra’s FusionStore. The apps provide greater agility and efficiency for corporate treasurers on-the-go.
The Appzillon Corporate Mobile banking app provides Finastra’s corporate banking customers and corporate treasurers with rich functionality on-the-go, including transaction approvals, account dashboards, transaction search, statements and capabilities to raise a request.
The Appzillon Corporate Onboarding app aids the bank in digitally onboarding new-to-bank (NTB) corporates and its signatories through self-service or assisted channels. It offers seamless automated information capture, due diligence and e-KYC (Know Your Customer) processes. The new corporate customer’s Customer Information File and respective details are automatically created for multiple products across cash and trade in the downstream Finastra lines of business – Fusion Trade Innovation, Fusion Cash Management.
Going live on FusionStore marks the final stage of the app development journey for firms using Finastra’s open development cloud platform, FusionFabric.cloud. The FusionStore marketplace enables Finastra’s 8,600+ financial institution customers worldwide to access, test, purchase and deploy certified apps on top of their core systems, helping them quickly realize the benefits and deliver added value to their customers.
Vincent Pugliese, SVP and General Manager of Platform at Finastra, said, “A new app hitting the FusionStore marks the point at which an innovative idea becomes a reality that can be beneficial to financial institutions worldwide. Our customers are seeking out new innovation from fintechs like i-exceed, and they want to consume this innovation quickly and simply. We welcome i-exceed’s apps to the FusionFabric.cloud platform as we continue building the next wave of financial services solutions in collaboration with our partners.”
Built on top of Finastra’s Fusion Corporate Channels and Party Provisioning components, and harnessing an extensive catalog of open APIs, i-exceed has developed the apps using its Appzillon Digital Banking Platform. The architecture of the platform modularizes the app development process by breaking down app functionalities into ‘micro-apps’ that can be combined to build complex solutions. This approach reduces development time by up to 50% compared to traditional app development platforms available today.
Sundararajan Sambandham, Executive Director, i-exceed, said, “We are excited to offer our Appzillon Corporate Mobile Banking and Appzillon Corporate Onboarding apps on the FusionStore. This gives us a unique opportunity to extend the reach of our offerings to a much wider audience, as we leverage Finastra’s position as a leader in the industry. Globally, banks are focusing on offering digital solutions to their corporate customers, from on-boarding to full servicing and enabling their customers to initiate transactions and service requests 24/7 by bringing in Straight Through Processing (STP) of all transactions initiated through channels. As we embark on this journey, our apps will truly transform the banking experience of corporate customers.”
Using Finastra’s open APIs, developers can create solutions that address business challenges across the financial services spectrum, including retail banking, payments, transaction banking, corporate banking, lending, treasury, and capital markets. Visit FusionStore for more information: https://store.fusionfabric.cloud/
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i-exceed technology solutions is a fintech company that powers the digital transformation of the world’s leading banks and financial institutions. Appzillon, the flagship offering from i-exceed, consists of Appzillon Digital Banking Suite and Appzillon Digital Banking Platform. Appzillon Digital Banking suite is a set of pre-built omni-channel solutions that provides differentiated banking experiences for banks’ customers and staff. The Appzillon Digital Banking Platform is a low-code visual development environment that enables banks and financial institutions to realize their digital initiatives while being future ready at the same time. More than 90 financial institutions and over 20 million of their customers worldwide use Appzillon for their digital banking offerings. Learn more at i-exceed.com
Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world’s top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers. Learn more at finastra.com
FusionFabric.cloud is a scalable, open and collaborative development platform built by Finastra. The secure and proven cloud platform encourages innovation, opening up the company’s core systems through APIs and datasets so that third parties can develop applications on top. Fintechs can quickly build and promote apps worldwide. Financial institutions can access or create new services, which their customers are demanding, faster. Visit fusionfabric.cloud