Teachers Building Society selects system to enhance customer journey

Jake Carter

August 4, 2021

Rex proptech lenders platform

Teachers Building Society has selected Finastra’s Fusion Essence Cloud, its next-generation Software as a Service (SaaS) core banking solution, to digitally enhance customer journey.

Fusion Essence Cloud will automate core processes and digitalize the end-to-end customer journey to support growth in mortgage lending and savings.

Fusion Essence Cloud, a SaaS solution on Microsoft Azure, gives Teachers BS the flexibility to bring new products to market and respond to new demands quickly, while unlocking access to data and analytics for a personalized customer experience.

With native digital online and mobile banking capabilities, Fusion Essence will enable the building society members to open and manage savings accounts easily and transact digitally.

The team at Teachers BS will also benefit from end-to-end straight through processing of higher volumes of mortgages and savings, due to pre-built integration with software specialists BEP Systems, for origination, and Fairmort, for regulatory reporting.

Simon Beresford, chief executive of Teachers Building Society, said: “After a rigorous global selection process, Finastra is the standout partner for us. Finastra’s commitment to responsible business and social innovation held strong appeal.

“Its deep expertise, innovative solutions, and proven experience with 90 of the world’s top 100 banks left us in no doubt about the benefits of the appointment.

“Investing in the new platform will ensure we can deliver best in class products and service to brokers and their clients, as well as teachers, providing enhanced engagement experiences to both our core audiences.”

Anand Subbaraman, general manager of banking, at Finastra added: “Fusion Essence Cloud will give the Teachers BS team the flexibility to meet ongoing customer needs when it comes to home ownership.

“Our integrated solution streamlines core processes, such as onboarding, money transfers, mortgage origination and regulatory reporting, and will enable Teachers BS to focus on business expansion while giving its customers the best digital experience.

“As our first UK building society customer, we are delighted to be supporting Teachers BS’ ongoing growth and success and to be working with them to build ‘the building society of the future’.”

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