finova bolsters its servicing proposition with migration to Microsoft Azure
- Leading fintech provider finova fully migrates its servicing solution to the cloud using cloud computing service, Microsoft Azure
- The enhanced product has built-insecurity controls, advanced self-serve features and leverages finova’s API gateway for rapid third-party integration
- The proposition is integrated to finova’s market-leading Apprivo2 core banking platform
The UK’s largest mortgage and savings technology provider, finova, has fully migrated its servicing proposition to the cloud using Microsoft Azure enabling faster deployments.
finova’s servicing proposition helps financial institutions run an efficient back office by enabling effortless, full lifetime management of mortgages, equity release, specialist lending and savings products.
Now underpinned by Azure, the service has improved scalability and resilience. Not only does using the native capabilities of the cloud refine performance, but it contributes to a reduced cost of ownership for enders too.
The new service includes more advanced security controls, a wide range of self-serve features and greater capacity for integration.
Advanced security controls
The new solution is fully equipped with built-in protection measures, including integration to Microsoft’s Security Operations Centre (SOC) and Security Incident and Event Management (SIEM) platform to provide a fully managed security framework.
Alongside this, the servicing proposition delivers an open architecture via the finova API gateway allowing rapid integration with third party data sources for fraud monitoring, business intelligence and payment gateways, to reduce the user’s operational costs.
The enhanced proposition also has several self-service features, contributing to a better user experience, increased retention ofcustomers and a reduced operational cost.
Customers also have access to the native mobile app for monitoring their current balance and reviewing bank statements.
finova’s servicing proposition is fully functional across all of its lending and saving products and is integrated to its Apprivo2 core banking platform.
In completing its migration to Azure, finova has created an advanced digital end-to-end banking platform which can be leveraged to deliver a set of post-contract variation journeys, meeting today’s market demands.
Chris Little, Commercial Director at finova, comments:
“The second generation of the finova servicing proposition will combine the latest cloud-first technology, enabling ease of scale and deployment. Sitting alongside finova’s cloud-based API Gateway and Apprivo2 originations platform, this will create one of the most powerful digital end to end banking platforms in the UK market.”
Rowan Clayton, Product Director at finova, comments:
“We are proud to be leading the way in next generation cloud-based core banking systems, providing a market leading solution with open architecture and integration capabilities to help banks run more seamless and cost-effective operations.
“Paired with finova’s market leading Apprivo2 core banking platform, we have created one of the most advanced platforms available today.”