Financial software firm Finastra has partnered with open finance solutions provider MX Technologies to offer more seamless and tailored financial management tools and insights for consumers.
The enhanced money experiences will be provided by integrating MX Technologies’ personal financial management (PFM), insights, and account aggregation solutions with the Fusion Digital Banking solution of Finastra.
Through the combination of MX Technologies and Fusion, financial firms will be able to offer a strong suite of PFM and financial wellness tools to consumers and the capability to generate a unified view of their finances by linking all their financial accounts.
The tools will include budgeting and debt management, personalised, proactive insights based on their spending and saving behaviours.
MX Technologies partners chief commercial officer Raymond den Hond said: “Consumers are looking to their financial providers to help them better manage their money and guide them toward financial health.
“By partnering with Finastra, we’re enabling more than 150 financial institutions using the Fusion Digital Banking solution to improve the money experience and meet consumer needs with personalised recommendations, services, and tools.”
Besides, financial organisations can more accurately identify when, where, and how consumers are engaging with their finances with improved data and customer analytics.
This will allow financial institutions to increase member engagement and retention, power financial wellness, and explore new business growth opportunities.
Finastra product management vice president Peter Longo said: “Finastra is thrilled to partner with MX to offer our customers new tools to help support an enhanced customer experience.
“As the industry continues to embrace Open Finance and account holders look for more holistic solutions to manage their finances, it is critical that we bring in the right partners to help provide what today’s banking customers have come to expect.”
