Redwood Bank has taken the first step in a renewed technology strategy with the successful implementation of a core servicing upgrade delivered by finova, the provider of cloud-based mortgage and savings software.
The milestone marks the beginning of a new phase in the longstanding relationship between the two firms. Redwood Bank now operates fully within finova’s Azure-based infrastructure, benefiting from improvements in scalability, security and operational resilience.
The latest servicing upgrade enhances Redwood’s back-end systems and sets the stage for the adoption of front-end tools including finova’s Apprivo platform. It also creates the technical foundation for the launch of a new broker origination journey focused on the commercial real estate market—a move expected to improve broker engagement and support the bank’s ambitions to grow its loan book.
As part of the upgrade, Redwood has adopted finova’s iterative release model, shifting from infrequent large-scale updates to smaller, more regular enhancements. This transition is designed to minimise disruption while allowing the bank to benefit from the latest platform functionality. Among the improvements now available are in-day general ledger processing, real-time data integration with client data lakes and warehouses, faster overnight batch processing, and the use of containerisation technologies to enable autoscaling.
Richard Marsh, chief operating officer at finova, said the upgrade would underpin Redwood’s ability to evolve its offering with minimal business interruption.
“After years of collaboration, we’re excited to continue our partnership with Redwood, a company that consistently embraces innovation, and we’re pleased to have renewed our contracts for the next phase,” Marsh said.
“By establishing an iterative release cycle, our hope is that the upgrade will deliver maximum business benefits with minimal disruption, enabling them to adopt Apprivo and open up new business lines.”
David Kennedy, chief operating officer at Redwood Bank, said the latest work was instrumental in achieving the bank’s long-term technology goals.
“We are delighted to continue our relationship with finova as our lead technology provider,” he said. “We’re transforming our service experience utilising new solutions from finova that will deliver service benefits to our customers and brokers.
“The recent servicing upgrade facilitates our transformation strategy and allows us to make service improvements incrementally, minimising disruption for our customers and managing the risk of change down for ourselves.”
