Six Fiserv Clients Named to Celent's Model Bank Report
Brookfield, Wis., July 8, 2011 - Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, announced today that six of its clients were named in Celent's 2011 Model Bank report that addresses the question: "What would it look like for a bank to do everything right with today's technology?" Fiserv clients were recognized for their real world application of technology best practices.
"Fiserv is honored to partner with financial institutions that are tackling the challenges of today's banking environment with best-in-class processes, technologies and people," said Mark Ernst, Chief Operating Officer, Fiserv. "As the banking industry evolves through these transformative times, it is forward thinking organizations, as these, that will grow and succeed."
American Savings Bank
American Savings Bank, a $4.9 billion institution headquartered in Honolulu, Hawaii, was recognized as a Model Bank in the category of Infrastructure and Architecture for its ability to optimize technology across its organization. The bank embarked on a wholesale conversion of multiple legacy systems to a modern, real time, SOA-based infrastructure after being challenged by manual processes. Post implementation of a multi-product banking solution from Fiserv, American Savings Bank realized immediate business benefits, including the reduction of overall operating costs, a near 360-degree view of customer relationships and cash logistics savings of 50 percent.
Enterprise Bank
Enterprise Bank, a Lowell, Mass.-based institution with $1.4 billion in assets, was recognized as a Model Bank in the category of Marketing/Sales/Customer Service for its implementation of Merchant Source CaptureTM from Fiserv. By establishing a simple and affordable pricing structure and generating demographic-specific marketing campaigns, Enterprise Bank built a remote deposit capture base many times the size of its peers and significantly comprised of new customer relationships.
Kennebunk Savings Bank
As an $800 million institution based in Kennebunk, Maine, Kennebunk Savings Bank is recognized as a Model Bank in the category of Marketing/Sales/Customer Service for its use of Business Process Manager from Fiserv, a workflow optimization solution. Since implementation, Kennebunk Savings Bank has realized increased operational efficiency which has lowered costs, decreased errors and advanced security.
Scotiabank
Scotiabank, Canada's most international bank with assets above $571 billion (as at April 30, 2011), is recognized as a Model Bank in the category of Channel Management for the success of its Canadian mobile banking initiative. With the help of M-Com, now part of Fiserv, Scotiabank was able to provide its customers with an end-to-end, real time mobile banking platform with a number of payment and alert capabilities including bill payment, transfers, person-to-person transfers and a range of account details.
TS Bank
TS Bank, a $200 million institution headquartered in Treynor, Iowa, is recognized as a Model Bank in the category of Infrastructure and Architecture for its ability to revitalize its technology strategy by converting to a Fiserv bank platform, which led to a new level of efficiency and improved business intelligence. Since the switch, the bank has realized several positive effects, including an immediate 20 percent reduction in annual operating costs over the previous system and a 40 percent decrease in paper and courier charges as a result of migration toward a more digital interactive environment.
Union Savings Bank
Danbury, Conn.-based Union Savings Bank, with $2.5 billion in assets, is recognized as a Model Bank in the category of Security and Risk Management for its integration of an intelligent surveillance system with the Cleartouch® account processing platform from Fiserv. The most obvious success of this system has been a considerable reduction in total fraud losses. However, the advanced surveillance system has also enabled the bank to decrease the amount of time spent monitoring fraud by 75 percent.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Fiserv is ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry. For more information, visit www.fiserv.com.
For more information contact:
Media Relations:
Amanda McCracken
Public Relations Manager
Fiserv, Inc.
262-879-5722
amanda.mccracken@fiserv.com
Additional Contact:
Wade Coleman
Director, Public Relations
Fiserv, Inc.
678-375-1210
wade.coleman@fiserv.com