Three retail banks from French-speaking Switzerland have already decided to switch platforms to Finstar, two of them in 2020. And more institutions are about to make a decision - Finstar's stated goal is to attract more banks and substantially expand the community in French-speaking Switzerland.
As a complete, highly integrated core banking system, Finstar is fully available in French. The office in Lausanne guarantees a direct approach and high service quality. With this offering, Finstar targets regional and cantonal banks, private banks and external asset managers in French-speaking Switzerland. In total, the potential is estimated at 25 institutions; in terms of size, until now "no larger than Hypothekarbank Lenzburg" has been the rule. In the future, this will have to be assessed on a case-by-case basis, depending on the business model. A key factor here is whether future banks fit into the community.
From a single source
In addition to the fact that all functionalities are available in French and that private banks can also be specifically addressed, other factors speak in favor of Finstar: high flexibility in adapting to bank-specific needs, low costs for a solution with a comprehensive set of basic functionalities. These are integrated into the core, resulting in a system with few interfaces and few peripheral systems. In addition to the software, Finstar offers operation, application management and business contact from a single source. This also applies to another important point: Support is integrated into Finstar Service and is provided by the central ServiceDesk or its branch office. This was opened in Lausanne in mid-2020 to ensure local support and eliminate any language barriers that may arise. Further good arguments in favor of Finstar are provided by today's customers, who, in addition to the scope of functionality, particularly appreciate the open collaboration. The fact that three banks from the French-speaking part of Switzerland have already opted for Finstar underlines the importance of the overall package of state-of-the-art software, services from a single source, and a community at eye level.
Services and products
The systems are operated on redundant servers, and Finstar also ensures their maintenance. A bank itself, Hypothekarbank Lenzburg guarantees that all security-related and regulatory requirements are up to date. In parallel to IT and operations, customer banks have the option of outsourcing payment transactions, stock exchange, custody account management, customer support - the range can be expanded in consultation with the banks. Which products and services of the entire ecosystem will also be offered to the banks and their banking customers in French depends on the fintechs and not least on customer demand. While most banks already have e-banking, mobile banking is not very widespread among regional banks in French-speaking Switzerland - in this respect, a switch to Finstar will bring further improvements. With three customers and its increased presence, a comprehensive and flexible range of products and services, Finstar is ideally placed to achieve its ambitious goals in French-speaking Switzerland. However, although various contacts have been made, it is not yet possible to predict when the next deal can be celebrated and communicated.
*(This article is part of our Finstar Space magazine).
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