MUFG’s US subsidiary Union Bank partners with FIS to deliver a next-generation core banking platform.
Specifically, Union Bank will use FIS’ Modern Banking Platform.
The aim is to co-develop and co-engineer systems that will be core to Union Bank’s banking transformation programme.
Union Bank is the first global financial institution to choose FIS’ new Modern Banking Platform.
The platform includes the FIS Digital One omnichannel platform. This will provide the bank with a range of advanced capabilities to benefit clients. And it includes an intuitive user experience and integrated digital and mobile banking tools.
FIS: redefining the Union Bank Core Banking Platform
In particular, the parties say that the deal provides:
In your opinion, what presents the biggest operational challenge for FS providers in the COVID-19 crisis?
- Switching to large scale homeworking (51%, 162 Votes)
- Retraining the staff (32%, 102 Votes)
- Changing operating hours of branches and call centres (17%, 54 Votes)
Total Voters: 318
- Speed to market: the solution is built to support open banking through extensive application programming interfaces (APIs). This enables the bank to tap into the wider ecosystem of FIS and third-party applications to deliver innovative new services.
- Ease of integration: the Modern Banking Platform is component-based. This allows individual system components to be upgraded or replaced without affecting other bank functions or data.
- Personalisation: the solution is designed to be client centric. It leverages the power of data analytics and AI to help the bank better understand the specific needs of its individual clients. At the same time it offers more personalised financial products.
- Resiliency and scalability: the system will be designed to be cloud-native. And so it provides high resiliency, scalability and cost efficiencies that come with secure cloud delivery; and
- Regulatory compliance: the solution is built to help the bank meet complex and changing regulatory requirements.
Union Bank: advancing its digital-first deposit platform
“Expanding on our success working with FIS on our PurePoint Financial digital bank. We are advancing our digital-first deposit platform across Union Bank,” says Steve Cummings, President, CEO of MUFG Union Bank.
“We are confident that this new platform will help us deliver an exceptional client experience. And enhance our competitiveness while continuing our heritage as one of the most trusted financial groups.”
“The new FIS Modern Banking Platform will help Union Bank meet the expectations of digitally savvy clients who expect their banking experience to be as easy and convenient as shopping online,” adds Gary Norcross, FIS Chairman, President and CEO. “We are excited to bring this groundbreaking new platform to market and delighted to be chosen by Union Bank as its technology partner for its core banking transformation initiative.”
Union Bank operates 350 branches in the West Coast states, along with commercial branches in Texas, Illinois, New York, and Georgia. At the end of Q319 Union Bank had assets of almost $135bn.