Fiserv has been selected to provide the technological backbone for the new direct banking operation of BMW of North America.
BMW Bank of North America, based in Salt Lake City, Utah, will offer consumer loans and leases, as well as deposit, investment and current account - with all but a handful of its business coming from electronic transactions.
The bank is designed to capitalise on the loyalty of BMW car and motorcycle owners. The direct banking operation fits the German car maker's strategy to offer a variety of loyalty products over the Internet.
In addition to Internet banking services, Fiserv has been commissioned to provide the nascent bank with account processing through the Fiserv Comprehensive Banking System (CBS), as well as cheque processing, plastic card production and mailing, and electronic funds transfer services. BMW Bank of North America also will gain a call centre and integrated servicing desktop that provides new account sales, customer servicing and contact management.