BROOKFIELD, Wis.--May 31, 2005--Fiserv, Inc. (Nasdaq:FISV) signed 49 de novo banks and thrifts to core processing agreements in the past 12 months - with 23 of those so far in 2005 - as Fiserv's comprehensive solution set of integrated products and services continued to gain attention from the organizers of new financial institutions.
The recent tally continues Fiserv's heritage of supporting the information technology needs of start-up banks and thrifts with a rich solution set that includes dozens of products and services and extends from core processing to electronic funds transfers and from check processing to Internet banking. In the past five years alone, Fiserv has gained 179 de novo banks and thrifts nationwide as core processing clients.
"At Fiserv, we want to provide all the products and services necessary so that a new bank can compete with any size financial institution," said Norm Balthasar, Fiserv chief operating officer. "Our proven, integrated solutions also enable bankers to focus on customer service and growth rather than worry about technology."
Just as important, Fiserv makes it easy to start a bank by providing a flexible and efficient implementation process, offering technology that grows with the financial institution and delivering value-added expertise on more than just the systems necessary to run a bank, Balthasar said.
Bankers say they choose Fiserv for many reasons, but especially like the idea of dealing with only one vendor. In addition to simplifying a technology relationship, that strategy also enables bankers to more easily comply with recent regulations, including a provision of the Gramm Leach Bliley Act that requires financial institutions to regularly audit vendors for their ability to protect data.
"We selected Fiserv because they offered a total package," said Sherry Price, chief operating officer of Pan Pacific Bank, a Fremont, Calif., institution that expects to open in July. "We wanted a single source so we wouldn't have to deal with a lot of vendors."
Sean Childers, president and chief executive officer of Hometown Community Bank, said Fiserv's wide variety of products and services was an impressive attribute, but he pointed to service as possibly the key consideration in the choice of a technology partner. Hometown expects to open by the end of June in Braselton, Ga. "We looked at three different vendors and Fiserv was the most helpful. They assisted us the most with questions and gave us prompt turnaround," Childers said.
Reid Evenson, president and chief executive officer at Tradition Capital Bank in Edina, Minn., said Tradition aims to be "more than a community bank" by providing outstanding service and the latest in technology. It was important, he said, to find a technology provider that not only could help with cutting-edge products and services, but that had the financial stability to support the bank for the long haul.
"We looked at Fiserv's national presence and reputation and thought this would be a company that could be a very strong partner," said Evenson, whose bank expects to open in July.
Fiserv also has helped dozens of de novo banks to achieve significant growth since becoming Fiserv clients over the past few years. Mark Sailors, vice president of deposit operations at First Georgia Banking Co. in Franklin, Ga., said ease of use and technology such as document imaging are some of the benefits the bank has received since signing with Fiserv in 2003.
"If the Fiserv platform weren't so user friendly, there's no way we could provide the high level of service that we want to give to our customers," said Sailors, who credited strong customer service with the bank's growth to $230 million in assets since opening in November 2003.
Fiserv, Inc. (Nasdaq:FISV) provides information management systems and services to the financial and health benefits industries, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004. Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.