Finzsoft: Revolutionizing the Banking Experience

Andrew Holliday, Managing Director, FinzsoftAndrew Holliday, Managing Director
Change and disruption seem to be the order of the day for the financial services industry. The fintech industry, especially in the APAC region, is marked by demanding customers, intense competition, and stringent regulations. Along with that, rapid technological shifts and innumerable communication channels also create a ripple impact. Overcoming these intricacies is a major task for large and small-sized financial institutions. Today, banks and financial institutions need more than just a digital-first approach to build a resilient connection with customers and secure their loyalty. Established in 1986, Finzsoft is at the forefront of offering high-quality financial solutions dedicated to help banks achieve their business objectives and meet their customers’ needs for agility, new products, competitive offers, and choice of channel interaction.

With more than three decades of in-depth experience in financial services, Finzsoft has designed a comprehensive digital funding and lending solution for finance companies—Sovereign. The company’s core banking and lending solution is complemented by rich functionality that ranges from multi-channel loan origination to credit decisioning, along with lending, debit cards, and transactional banking. “Our product ensures that banks achieve an enhanced digital experience across all channels while complying with open banking standards and quick deployment,” says Andrew Holliday, managing director of Finzsoft.

Finzsoft’s solutions also deliver a choice to customers to integrate other products and services with their existing retail banking and lending systems through APIs. Holliday says, “We strongly believe in providing customers a choice rather than locking them into one solution.” Sovereign can be used for the implementation of new financial products to augment functionality for business lines in an agile and cost-effective manner alongside an existing core system or even as a replacement for the existing core for a complete transformation.

Our product ensures that banks achieve a rich digital experience across all channels while complying with open banking standards and quick deployment

The primary objective of the Finzsoft solution is to enable multi-channel digital interaction with strong analytical capability for customer profiling and segmenting. Sovereign has an architecture that allows banks to either integrate it with their own digital channels or deploy on-premise or in a cloud environment with Finzsoft’s Software-as-a-Service offering. “Our API capabilities allow us to build advanced, innovative products that enable efficient, secure, and seamless interoperability with a bank’s current business applications,” explains Holliday.

Finzsoft was the solution of choice for the largest credit union in NZ that was struggling with process inefficiencies and decreasing product sales due to legacy systems. “We operate in a competitive market where retail banking is getting easier and more convenient, so it’s vital for our systems to match or exceed the products and convenience of trading banks, finance companies, and pop-up peer-to-peer lenders,” says CEO of the credit union. By deploying Finzsoft’s solutions, the credit union was able to immediately gain enhanced process efficiencies, greater marketing opportunities, and improved transactional banking for members. The entire project including data migration was completed in less than six months. The key factor was the speed of implementation of Finzsoft’s solutions.

Finzsoft as a financial technology provider has proved its mettle time and again. The company’s recent partnership with Datacom, a $NZD1.3 billion systems integrator with a strong reputation for delivery success for core implementations in NZ, has taken Finzsoft to a whole new level. It has significantly augmented their ability to scale delivery and services in Australia/NZ and the APAC region.

For the road ahead, Finzsoft is leveraging their architecture to enhance the voice banking and IoT capabilities within the product. They are also working on AI and virtual assistant use cases to further add to the choice in the customer interaction space. In terms of geographical expansion, Finzsoft’s immediate focus is the APAC market however their SaaS offering is available for use in any geography depending on regulatory compliance requirements for data sovereignty.