Mechanics Cooperative Bank chooses Finastra for core banking system
London and New York, April 18, 2018 – Mechanics Cooperative Bank has selected the Fusion Phoenix core banking system from Finastra, as well as a full suite of ancillary offerings, to provide its new technology foundation. The solution will bring together a wide-range of proven, specialized software into a single environment that is more easily managed in the back-office, providing greater workflow and interface efficiencies for the bank’s staff, and ultimately customers.
When deciding to upgrade the bank’s legacy core platform, the leadership team at Mechanics Cooperative Bank, together with management consultancy The NBS Group, LLC, sought a solution built on modern architecture that could work seamlessly across the enterprise. Using a fully open API architecture, Fusion Phoenix integrates proprietary systems and third-party solutions into a single comprehensive platform, providing all staff with improved access to customer data, and enhanced organizational efficiencies. As a result, the bank’s customers will have access to more innovative products and services, and a better overall user experience that includes consistency across bank platforms and a complete financial picture spanning a customer’s different accounts.
“By upgrading our core technology, we are making a statement to our customers and employees,” said Joseph T. Baptista Jr., President and Chief Executive Officer, Mechanics Cooperative Bank. “This is an investment in our future to provide better service and cutting-edge products that will deliver an overall better banking experience for our customers. Working with Finastra, we have selected not only a trusted partner, but a software system that will help ensure that we are meeting our customers’ needs and expectations.”
“The future of core banking technology is a true modern and open architecture that allows a bank to gain access to a functionally-rich, extensible solution and take an evolutionary approach to the deployment tied to their needs,” said Nadeem Syed, CEO, Finastra. “By selecting Finastra’s core banking platform that the bank can tailor to its needs, and which allows for easy integration with other digital platforms, Mechanics Cooperative Bank is future-proofing its infrastructure, ensuring that its customers will have access to the best banking experience possible.”
Mechanics Bank worked with The NBS Group to run its core evaluation project, provide advice on best practices, and guide them through the vendor selection process. The consultants will also be working with Mechanics and Finastra throughout the implementation.
“The banking core is the single most important technology investment a financial institution can make,” said Tom Grottke, CEO of The NBS Group. “Working together, we found that Finastra’s open, flexible platform best fit the bank’s needs, delivering optimal consumer and staff experiences, as well as the operational efficiency for growth, and ongoing innovation.”
Fusion Phoenix has been developed using only Microsoft technology. This will enable Mechanics Cooperative Bank to use commodity hardware, lowering the total cost of ownership, while also exposing the banking system to the many capabilities inherent to Microsoft technologies.
“Using an open-platform core banking system, community banks can avoid the rip-and-replace cycle that formerly hindered modernization,” said Mike Dionne, Senior Vice President, Community Markets, Finastra. “With Fusion Phoenix, Mechanics Cooperative Bank has selected a core that will be able to continually adapt to its customers’ ever-evolving expectations.”
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About Mechanics Cooperative Bank
With total assets over $580 million, Mechanics Cooperative Bank offers a wide variety of personal and business deposit and loan products. As a Massachusetts co-operative bank, 100% of customers’ deposits are always fully insured. Established in 1877, Mechanics Cooperative Bank is Massachusetts’ second-oldest co-operative bank with eight conveniently located branches in Bridgewater, Taunton, North Dighton, Somerset, Swansea, Fall River and Westport. For more information, call 1-888-MECHANICS (632-4264) or visit Mechanics-Coop.com. Member FDIC. Member SIF. Equal Housing Lender.
Finastra unlocks the potential of people and businesses in finance, creating a platform for open innovation. Formed in 2017 by the combination of Misys and D+H, we provide the broadest portfolio of financial services software in the world today—spanning retail banking, transaction banking, lending, and treasury and capital markets. Our solutions enable customers to deploy mission critical technology on premises or in the cloud. Our scale and geographical reach means that we can serve customers effectively, regardless of their size or geographic location—from global financial institutions, to community banks and credit unions. Through our open, secure and reliable solutions, customers are empowered to accelerate growth, optimize cost, mitigate risk and continually evolve to meet the changing needs of their customers. 48 of the world’s top 50 banks use Finastra technology.
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