Summit Unit of Fiserv Extends New Member Account Opening Channels with Andera Alliance
Summit Unit of Fiserv Extends New Member Account Opening Channels with Andera Alliance
May 16, 2005
Summit Unit of Fiserv Extends New Member Account Opening Channels with Andera AllianceCORVALLIS, Ore.--May 16, 2005--Summit Information Systems, a technology provider to the credit union industry and a unit of Fiserv, Inc. (Nasdaq: FISV), announced a strategic alliance with Andera, a leader in online acquisition technologies based in Providence, R.I. The Andera New Accounts Online product enables Summit clients to efficiently open and fund new member accounts seamlessly via the Internet.
The ability to open and fund new accounts online is a critical addition to many credit unions' emerging electronic branching strategies, according to Summit Executive Vice President and COO Krishna Rao.
"By increasing the number of new member application channels to include the Web, Summit clients that use the Andera New Accounts Online and the Summit Branch Suite products will increase application completion rates while reducing new account opening time and handling costs," said Rao.
"Typically, an online member account opening process involves a high number of manual processes requiring several weeks to complete, and usually results in a high percentage of prospective member defections," said Andera's president, Charlie Kroll. "Our Web solution has compressed this process to 10 minutes and, during these 10 minutes, the applicant can apply and be approved for membership and new deposit accounts, including identity verification, credit-based cross selling, and initial account funding. With such an efficient process, credit unions can significantly increase the number of new accounts opened and funded online."
Summit Information Systems, a unit of Fiserv, Inc., is the solutions provider behind the quality service at many of the nation's credit unions. The Summit Spectrum® core processing solution, delivered via in-house, on-line or through resource management environments, is nationally recognized for superior transaction processing capabilities. Through an intuitive interface, credit unions are provided with advanced, open system capabilities to manage their organization, member data and resources. Summit is located at http://www.summitsite.com.
Fiserv, Inc. (Nasdaq: FISV), provides information management systems and services to the financial industry, 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-funded 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.
Andera provides online customer acquisition technologies for community financial institutions. Dedicated to helping banks and credit unions use the Web as a tool for sales and growth, Andera offers a suite of integrated products and services for automated online account opening, funding, and cross-selling. Andera is headquartered in Providence, RI and can be found on the Internet at www.andera.com.
The ability to open and fund new accounts online is a critical addition to many credit unions' emerging electronic branching strategies, according to Summit Executive Vice President and COO Krishna Rao.
"By increasing the number of new member application channels to include the Web, Summit clients that use the Andera New Accounts Online and the Summit Branch Suite products will increase application completion rates while reducing new account opening time and handling costs," said Rao.
"Typically, an online member account opening process involves a high number of manual processes requiring several weeks to complete, and usually results in a high percentage of prospective member defections," said Andera's president, Charlie Kroll. "Our Web solution has compressed this process to 10 minutes and, during these 10 minutes, the applicant can apply and be approved for membership and new deposit accounts, including identity verification, credit-based cross selling, and initial account funding. With such an efficient process, credit unions can significantly increase the number of new accounts opened and funded online."
Summit Information Systems, a unit of Fiserv, Inc., is the solutions provider behind the quality service at many of the nation's credit unions. The Summit Spectrum® core processing solution, delivered via in-house, on-line or through resource management environments, is nationally recognized for superior transaction processing capabilities. Through an intuitive interface, credit unions are provided with advanced, open system capabilities to manage their organization, member data and resources. Summit is located at http://www.summitsite.com.
Fiserv, Inc. (Nasdaq: FISV), provides information management systems and services to the financial industry, 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-funded 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.
Andera provides online customer acquisition technologies for community financial institutions. Dedicated to helping banks and credit unions use the Web as a tool for sales and growth, Andera offers a suite of integrated products and services for automated online account opening, funding, and cross-selling. Andera is headquartered in Providence, RI and can be found on the Internet at www.andera.com.