Fintech major Finastra has unveiled its latest mobile banking software dubbed Next Gen Mobile Banking to deliver a new digital banking experience for credit unions and community banks.

Next Gen Mobile Banking has been rolled out for financial institutions enrolled in Finastra’s pilot programme. The application is slated to be accessible to all Finastra Phoenix consumer banking customers by mid-2024.

Its availability was announced at the company’s Ignite! 2024 conference in Florida, US.

According to Finastra, the Next Gen Mobile Banking application delivers a seamless user experience, providing financial institutions with customisation options and advanced security features.

By offering built-in personal financial management tools, such as budget planners, the app caters to the diverse needs of customers and members across all age groups, empowering community banks and credit unions, said the firm.

Next Gen Mobile Banking equips banks and credit unions with advanced security features, such as Passkey Authentication, which are said to provide seamless and robust protection against phishing and other threats.

This expanded authentication method ensures that credentials cannot be guessed, intercepted, or reused, thereby enhancing overall user security.

Additionally, the application enables User Trusted Device Management, offering account holders transparency and trust while preventing unauthorised access to personal information.

Next Gen Mobile Banking also offers customisable interface templates for tailored user experiences. Developed cross-platform for swift deployment across various mobile operating systems, it is said to ensure a smooth user interface on both iOS and Android devices.

With a unified code base, rapid updates from the application enable efficient delivery of enhancements and features by financial institutions, said Finastra.

Finastra universal banking chief product and technology officer Narendra Mistry said: “Finastra has delivered sophisticated digital experiences for many years, and this enhancement marks our commitment to creating solutions that provide community banks and credit unions with the features and security needed to help them stay ahead of the competition.

“With Next Gen Mobile Banking, our customers can deliver an innovative and sophisticated user experience that is tailored to the unique needs of the communities they serve.”