Customise Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorised as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyse the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customised advertisements based on the pages you visited previously and to analyse the effectiveness of the ad campaigns.

No cookies to display.

Search
Close this search box.

UST FinX, Thought Machine Partner on Banking Tech

UST-FinX-and-Thought-Machine-Partner-to-Democratise-Access-to-Enterprise-grade-Banking-Technology

UST FinX, the financial services platform from UST, and Thought Machine, the cloud-native banking technology company, announced a strategic partnership that makes enterprise-grade banking technology accessible to financial institutions of all sizes.

Initially, the partnership will target its advantages for mid-tier US banks and credit unions, a segment heavily constrained by outdated IT systems and extensive procurement processes. Previously, the only option had been to undertake risky, resource-intensive transformation projects to address constantly evolving client and operational demands. The UST FinX and Thought Machine proposition unlocks a very different path for such institutions, one that delivers rapid transformational outcomes, providing significant value to the institutions and their stakeholders.

Financial Technology Insights: Alkami & Cornerstone Unveil Digital Banking Metrics Report

UST FinX’s integration-ready platform delivers access to a rapidly expanding ecosystem of fintech banking capabilities, including Thought Machine’s best-in-class digital core. This powerful union unlocks short-term gains in both customer and user experience while possessing the foundational architecture for a longer-term full-scale transformation. This is done via a more iterative, customer-driven, and progressive approach that dramatically reduces both risk and cost.

Many US community institutions now realise that their core systems lack the basic integration capabilities required to meet growing customer demands or connect to modern fintech solutions. This forces them to build complex workarounds and custom code that becomes increasingly difficult and costly to maintain. UST FinX and Thought Machine’s partnership breaks this cycle of complexity by offering an integration-ready platform that connects easily to new services without requiring custom development.

Financial Technology Insights: Koalafi Grows Leadership to Drive Non-Prime Finance

This gives institutions a predictable, managed approach to launching new products and improving customer experiences, while UST FinX handles the technical complexity and partner ecosystem, providing clear timelines and certainty of costs and outcomes for modernisation projects.

Gareth Richardson, Chief Operating Officer, Thought Machine, said, “Combining Thought Machine’s cloud-native technology with UST FinX’s financial services platform and capabilities allows banks of all sizes, especially those in the US mid-tier market, to access our core banking technology without the complexities of technical integrations. We’re excited to see how our joint clients prosper using the offering over the coming months.”

Financial Technology Insights: First Commonwealth, Upstart Expand Loan Access

Sandeep Lalwani, Head of UST FinX, said, “Community banks and credit unions in the US are facing an existential crisis in terms of remaining relevant within an increasingly competitive and digitally driven landscape with customers and staff now expecting much more. The need for transformational change is already upon us and until now, the choices open to such organisations have been fraught with complexity, cost and risk. This strategic partnership with Thought Machine is a game-changer in our industry that will enable these mid-tier financial institutions to remain relevant, innovate, and thrive!”

To share your insights with the FinTech Newsroom, please write to us at sudipto@intentamplify.com

Source – PR Newswire

Share With
Contact Us
StatCounter - Free Web Tracker and Counter