Finastra Launches Next Gen Mobile Banking App for Community Banks
On April 24, 2024, at its Ignite! 2024 event, Finastra unveiled its Next Gen Mobile Banking app designed specifically for community banks and credit unions. The app offers embedded finance-like capabilities including seamless customization, enhanced security features, and a single unified codebase serving both iOS and Android platforms. A pilot program was launched immediately for select financial institutions to deploy the app.
Broader availability is planned for mid-2024, extending to all Finastra Phoenix consumer banking customers. The unified codebase approach enables rapid updates and consistent branding across platforms, reducing development overhead for smaller financial institutions. This launch positions Finastra to help community banks and credit unions compete with larger institutions and fintech challengers by offering modern, customizable digital banking experiences.
No specific financial terms were disclosed for the product launch.
- Strengthens Finastra's position as a digital banking platform provider for smaller financial institutions seeking to modernize
- Signals growing demand among community banks and credit unions for embedded finance capabilities to compete with fintechs and large banks