Cache Valley Bank, a prominent community bank with $2.9 billion in assets, has announced an expanded collaboration with financial software provider Finastra to enhance its technology infrastructure.
The Utah and Southern Idaho-based bank will leverage Finastra Phoenix for its core banking operations, along with Finastra Digital Banking for both consumer and business mobile banking. This partnership aims to provide Cache Valley Bank with increased flexibility, agility, and advanced technological capabilities.
Recognizing the limitations of its legacy digital banking solution, Cache Valley Bank opted to modernize its core banking infrastructure with Finastra’s comprehensive cloud-based solutions. The decision to expand its relationship with Finastra was driven by the need for a more robust and efficient digital banking platform that could deliver an enhanced user experience for both businesses and consumers.
Mike Lemon, Chief Financial Officer at Cache Valley Bank, stated: “For over two decades, we have relied on Finastra’s innovative solutions to power our bank. When it was time to seek a new partner for our digital banking needs, expanding our relationship with Finastra was a logical choice. They provide the stability, experience, and innovation required to offer an enhanced customer experience.”
The bank’s strategic vision includes migrating all on-premises software to the cloud, a goal supported by Finastra Phoenix and Digital Banking. This migration will optimize back-office resources and architecture, allowing the bank to focus more closely on improving customer experiences.
Swathy Parthasarathy, Chief Operating Officer, Universal Banking at Finastra, commented: “To enable future growth, Cache Valley Bank needed a user-friendly and innovative tech stack. Our core solution, digital banking, and suite of services provide the agility and capabilities necessary for the bank to lead in the market, grow its footprint, and increase efficiencies. We are honored to be part of their growth journey.”
To support data-informed decision-making, Cache Valley Bank has also integrated Finastra’s Fusion Analytics business analytics tool. This tool helps the bank gather and analyze customer data to identify growth and profitability opportunities. Additionally, the bank will benefit from Finastra’s fintech ecosystem, including partners like Glia, a digital automation platform that enhances customer service.
The bank will also implement several ancillary solutions from Finastra’s suite, such as Enterprise Content Management, Item Processing, and Rapid Wires, further enhancing its operational capabilities.
This comprehensive overhaul of Cache Valley Bank’s technology stack with Finastra’s advanced solutions positions the bank to efficiently adapt to emerging opportunities and deliver superior customer experiences across the markets it serves.