FirstRand and Fiserv Join Forces to Accelerate Digital Transformation with Finxact Solutions
FirstRand Group, one of the largest financial institutions in Africa, is making waves in the banking sector by partnering with Fiserv, a global leader in financial services technology. This collaboration is set to propel FirstRand’s digital transformation journey, marking a significant milestone as it becomes the first financial institution outside the United States to adopt Finxact, Fiserv’s innovative cloud-native core banking solution.
Accelerating Digital Transformation with Finxact
The partnership aims to enhance FirstRand’s market speed, foster innovation, and elevate customer experiences across its key franchises, including FNB and RMB. The implementation of Finxact is expected to provide FirstRand with:
- A modern and flexible banking platform
- Real-time banking capabilities
- Support for personalized digital banking experiences
Broader Implications for Banking in Africa
As financial institutions globally adapt to the digital transformation wave, FirstRand’s collaboration with Fiserv positions it as a frontrunner in the African banking landscape. Finxact will empower FirstRand to craft tailored digital solutions, aligning with the evolving expectations of customers.
FirstRand’s Diverse Portfolio
Operating in South Africa, sub-Saharan Africa, and the UK, FirstRand boasts a diverse range of financial services, including:
- Retail and Commercial Banking through FNB
- Corporate and Investment Banking via RMB
- Other services through WesBank, Aldermore, and Ashburton
Expert Insights on the Partnership
Kevin Mitchell, Chief Digital Officer at FirstRand, expressed enthusiasm about the collaboration, stating, “As customer expectations evolve, Finxact provides a modern, flexible system that enables greater innovation and the ability to deliver personalized solutions at speed.” He emphasized that after assessing various options, Finxact emerged as the optimal choice for achieving agility and meeting the business’s evolving needs.
In a similar vein, Katia Karpova, EVP and Head of EMEA at Fiserv, remarked, “We are thrilled that FirstRand is the first financial institution outside of the U.S. to move to Finxact, a trusted partner for major modernization efforts. We see substantial opportunities for Finxact in the EMEA region as banks strive to enhance their digital transformation.”
For more information on Fiserv’s financial technology solutions or to explore how digital banking is evolving in Africa, visit our Banking Insights page.
