Loughborough Building Society is to deploy Finastra’s SaaS, Essence, on Microsoft’s Azure cloud. The aim is to increase the Loughborough’s operational efficiency and future-proof its offering.

With Finastra’s SaaS solution and Retail Analytics module, the Society can innovate and scale at speed. Moreover, it can seamlessly integrate third-party applications and reach new customers through digital channels.

Loughborough Building Society also selected Fairmort, a provider of software solutions for financial services, to manage its data migration and regulatory reporting.

“We’ve been helping our members buy homes and save for the future for more than 150 years. We are proud of our success across the UK,” said Gary Brebner, CEO at Loughborough Building Society.

“As industry and customer demands continue to evolve, we recognised the need to increase the speed at which we can adapt our services whilst ensuring the Society’s future growth. We selected Finastra due to the robustness, openness and security of its SaaS offering, as well as the flexibility this gives us to offer new services in future.

“With Finastra, we can continue to make decisions by putting our member’s interests first, and help more consumers get the most out of their money to achieve their life goals.”

Essence: cloud-first, next generation digital banking solution

Essence combines sophisticated functionality and advanced technology to increase enterprise agility, reduce costs and improve operational efficiency. Powered by open architecture, Finastra says that Essence’s rich, broad and deep retail and commercial banking functionality enables institutions to rapidly deploy market leading products and services. Finastra’s Retail Analytics is a module that delivers a 360° view of performance metrics and turns raw data into actionable insights.

“Loughborough Building Society’s mission is closely aligned with some of Finastra’s core values. That is putting the customer at the heart of what we do and unlocking the power of finance for everyone,” said Siobhan Byron, EVP Universal Banking at Finastra.

“Our solution is designed to help our customers adapt and implement new technologies quickly, whilst providing their customers with seamless onboarding, hyper-personalised and omnichannel banking experiences. With the addition of Retail Analytics, the Society can access data-driven insights to continue enhancing its services. We are excited to support Loughborough Building Society as it embarks on a journey of innovation and growth, both today and tomorrow.”