Finastra has announced plans around a range of initiatives that will enable its customers to accelerate through change, as well as creating positive outcomes for millions of people around the world. The move is part of the company’s ongoing innovation and open cloud platform strategy.
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Through technology and collaboration, Finastra and its customers are set to positively impact over nine million lives around the world, with key areas of focus including:
1. The SME funding gap – Finastra is piloting a revolutionary microfinance initiative, Trust Machine, in Kenya. Together with partners in data, financial literacy, blockchain and scenario modelling, the resulting loan and balance sheet optimization solution aims to reduce the $19bn funding gap by 1% in the country, which could potentially create 50,000 new jobs to encourage sustainable economic growth.
2. Equality in financial services – Between 2009 and 2015 in the US, it was estimated that up to 1.3 million purchase and refinance loans were rejected for African American and Latinx applicants. FinEqual is a hackathon winning idea that is now under investigation at Finastra, designed to spot potential bias in credit decisions.
3. Financial inclusion – Finastra digital solutions are enabling customers to reach over five million people who are currently unbanked. One example is IFIC Bank in Bangladesh which is helping to bring more people into the banking ecosystem, many of whom didn’t hold a bank account before.
4. Serving customers through change – Ecobank recently connected 34 African countries with a unified cash management system, powered by Finastra. In three months, Ecobank processed approximately $75 million in transaction volumes for COVID-19 relief funds to citizens, through Fusion Cash Management.
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