Melton Building Society Partners with Finastra for Digital Transformation, Improving Customer Experience

July 9, 2023
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Key Takeaways

  • Melton Building Society is partnering with global financial software provider Finastra for digital transformation.
  • The Society will use Finastra’s Essence, deployed on Microsoft Azure cloud, for improving agility and unlocking new business avenues.
  • Additional partners selected for data migration, regulatory reporting, and loan origination services are Fairmort and Mast, respectively.

Embracing Digital Transformation with Finastra

Melton Building Society, based in Melton Mowbray, Leicestershire, has chosen to collaborate with Finastra, a global provider of financial software applications and marketplaces, to digitally transform its operations and accelerate the delivery of new services. Utilizing Finastra’s Essence, which will be deployed on Microsoft Azure cloud, the Society aims to enhance customer experience with improved self-serve capabilities and user journeys. The software-as-a-service (SaaS) solution will also facilitate automation of manual tasks, enabling the Society’s team to concentrate on providing more value-added support.

To manage data migration and regulatory reporting, the Society has chosen software solution provider Fairmort, while Mast – a flexible, cloud-native mortgage origination system – was selected for its loan origination service.

Simon Taylor, CEO at Melton Building Society, stated, “Our vision is to build a modern mutual society that keeps pace with the demands of our members, and digital transformation plays a critical role in this.” Taylor expressed confidence in Finastra’s industry expertise and its truly cloud-native solution, affirming that the partnership will add security and flexibility, allowing the Society to develop its offerings and pursue future partnerships.

Finastra’s Essence Empowers Financial Institutions

Essence, a next-generation digital banking solution adopted by three UK building societies, is designed to increase enterprise agility, reduce costs, and enhance operational efficiency. The solution offers a rich, broad and deep range of retail and commercial banking functionalities, thanks to its open, microservices architecture. With Essence, Melton Building Society will be able to broaden its product capabilities, reach newer demographics, and continue to deliver high-quality services and support to its existing members.

Siobhan Byron, EVP, Universal Banking at Finastra, explained how the solution aligns with the needs of modern customers, stating, “End customers want to access information and services quickly, independently, and with ease, alongside support from a team of experts when needed.”

About Finastra and Melton Building Society

Finastra is an established global provider of financial software applications and marketplaces. It launched the leading open platform for innovation, FusionFabric.cloud, in 2017 and serves institutions of all sizes with award-winning software solutions and services across various banking sectors. Finastra is trusted by over 8,000 institutions, including 45 of the world’s top 50 banks.

Melton Building Society is a mutual society founded in 1875, specializing as a mortgage lender and savings provider. It aims to provide a range of mortgage products, savings accounts, and financial services to assist customers in achieving their homeownership and financial goals.

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