Finastra, a global provider of financial software applications, today announced that its core solution for US community banks and credit unions, Finastra Phoenix, has been named a top retail core banking system in the United States by Celent and Gartner, two leading analyst firms.

Phoenix was named in Celent’s 2024 report, Retail Banking Core Banking Systems: North American Community Bank Edition, which scores vendor platforms based on its proprietary ABC scoring methodology. The methodology is summarized in three scoring categories: advanced technology, breadth of functionality, and client base and service. Phoenix is recognized in the report for its cost value, security, and scalability, noting that it is a comprehensive banking platform that integrates proprietary systems and third-party solutions, rather than just being a narrow core.

Celent’s analysis highlights that Phoenix offers both efficiency and customer experience benefits by providing a full, single view of the customer for account holder management, particularly when combined with good workflow tools to automate business processes. Lastly, the report notes that the solution is effective for smaller banks or credit unions looking to break into commercial banking.

“It is no surprise to us that Finastra Phoenix is being recognized by independent firms as a top core provider,” said Josh Cook, CEO at Community Choice Credit Union. “When we needed to scale our credit union and find a partner that could help us deliver the experience that our members both expect and deserve, we turned to Finastra for its deep knowledge of the market and commitment to easily deployable innovations. We’re proud to work with the team at Finastra as we evolve and grow.”

Gartner’s 2025 report, Magic Quadrant for Retail Core Banking Systems, North America, rates core systems into four categories: Leaders, Challengers, Visionaries, and Niche Players, all of which are based on the solutions’ ability to execute and completeness of vision. Finastra Phoenix is named a Leader in the magic quadrants, which is defined as a vendor that possesses a higher-level market understanding than peers. Leaders also prioritize market trends, ensuring that progressive innovation is integrated into their products roadmaps. The report notes that Leaders have high overall viability and great positive feedback, highlighting that managing trends such as cloud deployment, open banking including APIs, and AI capabilities are top of mind.

Finastra is specifically recognized in the Leader category for its deep market understanding, early adoption of cloud technology, deployment and operational expertise, and overall viability as a core banking provider, noting that Phoenix is viewed by banks and credit unions as a strong value compared to competitors.

“We are pleased to be recognized as a market leader by not just one, but two leading analyst firms for our premier core solution,” said Joe Gomez, General Manager, US Core and Digital at Finastra. “Phoenix breaks through the functional silos of legacy systems, giving community banks and credit unions the breadth of capabilities needed to grow and adapt to the ever-evolving needs of the communities they serve.”