Reportedly part of its ongoing strategy of empowering unbanked communities, enabling financial inclusion and shortening the SME (small-medium enterprise) trade gap, the company intends to achieve its goals through open cloud platforms and a commitment to innovation.
Through this approach, Finastra, in collaboration with its partners, hopes to improve the lives of nine million people around the world. Examples of how it is attaining this result include:
- Powering bank’s end-to-end core banking capabilities and opening up banking services to the population of the Philippines, where bank account ownership is at a significant regional nadir (70% are unbanked).
- Connecting community banks and credit unions to relief lenders as part of PPP funding in the US, which enabled US$6bn in loans to be distributed to workers displaced by the COVID-19 pandemic.
- Piloting the microfinance programme in Kenya. Using cutting-edge technology like blockchain and analytical modelling, Finastra hopes to reduce the SME funding gap ($16bn) by 1% and create 50,000 new jobs simultaneously.
Bringing the future forward
The innovation stimulus provided by the pandemic cannot be overstated when considering the accelerated uptake of tech-based finance solutions globally.
As more and more companies awaken to the democratising potential of digital payments solutions, neobanks and e-wallets, the broader distribution of wealth among historically underserved communities becomes increasingly viable.
“The pandemic has brought the future forward, driving increased demand for digital transformation in the financial services sector,” commented Wissam Khoury, Head of International at Finastra.
“We’re committed to helping our customers accelerate through this change with our technology and ecosystem. This is also a pivotal moment in which we have the chance to redefine finance for good and create new solutions that put better outcomes for society at the centre.”