Finastra’s User Connect series emphasizes the need for productivity and growth, offers strategies for compliance

Finastra, a global provider of financial software applications, hosted leaders from community banks and credit unions across the United States to discuss trends and innovation in consumer, commercial and mortgage lending. The User Connect series, open to current Finastra lending customers, took place in Chicago, Illinois; Scottsdale, Arizona; and Orlando, Florida.
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With presentations featuring Finastra product and industry experts, roundtable discussions, and customer panels, the series emphasized collaboration amongst financial institutions and showcased how lenders can increase growth, productivity, and efficiency while maximizing compliance. Sessions also included in-depth training on LaserPro, Mortgagebot, and Originate to help customers maximize their investments.

“The User Connect conference was incredibly valuable not just for me, but for my entire team,” said Carol Ricker, Mortgage Operations Manager at Bank Iowa. “As a community banker, it is important that I always look for ways to better serve my customers. The Finastra team of experts were very knowledgeable and demonstrated how to maximize our solutions and ensure a positive return for banks. I also appreciated the opportunity to network with other financial institutions and Finastra partners so that we could all share best practices and learn from one another. Bringing this knowledge back to my team and colleagues offers tremendous value as we plan for our continued growth.”

Throughout the series, several significant takeaways were highlighted:

1. Lending teams must delight, evolve and expand: During event discussions, attendees noted that it has become significantly more challenging to win and retain customers. To bring in new borrowers and convert these leads into longstanding customers, a modern tech stack, combined with a traditional community-based customer service model, is key. Banks and credit unions can continue their focus on local events, decision-making, and community support while embracing an innovative tech strategy suitable for their needs. Cloud-first solutions, powered by Open Finance and supported by APIs, make this possible. By delighting customers through the community banking model, evolving with agile, cloud-first solutions, and expanding services through integration with third-party partners, financial institutions are well-positioned to meet and exceed the evolving needs of their customers.
2. Geopolitical uncertainty creates operational challenges: The financial services industry is heavily regulated, but ongoing litigation and the upcoming change in administration create challenges for lenders as they work to ensure compliance. Innovative technology plays a critical role in enabling financial institutions to effectively navigate these shifts. While many pending regulations lack clarity, Section 1071 of the Dodd Frank Act is expected to proceed. Financial institutions must continue to prepare for the extensive data collection requirements associated with this regulation.
3. Generative AI can bring financial institutions into a new era of efficiency: Adam Lieberman, Finastra’s Chief AI Officer, spoke about the various ways community financial institutions can leverage generative AI, including fraud detection, automated balance inquiries, initial loan screenings, income verification, and retirement planning, highlighting small steps banks and credit unions are taking to embrace AI and make their customer experience and operational workflows more efficient. Other takeaways from the keynote include the value of generative AI for simplifying legal documents, generating reports, and creating marketing materials.

“For more than a decade, User Connect has been a valuable opportunity to collaborate with our customers, understand their challenges, and continue investing in tailored innovations to meet their needs,” said Mitch Lucas, Head of Retail Lending at Finastra. “With the industry continuously evolving, we are proud to reinforce our position as a trusted advisor to support financial institutions across the US as they work to maximize their revenue opportunities."