S1 ships multi-channel Enterprise banking software

Source: S1 Corporation

S1 Corporation (Nasdaq: SONE) today announced the general availability of S1 Enterprise 3.0 – the financial services industry's first truly integrated multi-channel solution that addresses the entire front office of banks and insurers.

With nine major applications integrated on a common platform, S1 Enterprise 3.0 uniquely helps banks and insurers lower operating costs, increase revenue opportunities, and improve customer service and loyalty by integrating and communicating customer information, transactions and behaviours across all channels.

According to CEO Jaime Ellertson, "The introduction of S1 Enterprise 3.0 – the industry's first single integrated solution for the entire front office – is proof of our steadfast commitment to helping our customers achieve real, measurable value from their multi-channel strategies. With S1 Enterprise 3.0, financial institutions gain one solution for their branch, call centre, Internet and voice customer interaction channels. They can now leverage a common set of business processes, a common, customer-centric database, and a single administration tool to simplify their infrastructure management and reduce support costs. At the same time, they also gain a more holistic view of their customers to grow revenue through improved service and marketing capabilities."

According to Mike DeVico, executive vice president and CIO of Zions Bancorporation, a $30 billion U.S. institution that is one of several institutions already working with S1 Enterprise 3.0 applications, "We pride ourselves on delivering superior customer service and shareholder value, and we believe the best way to accomplish this is through building out a multi-channel enabled environment that helps us to better maximise our customer interactions while reducing our operational costs. With S1 Enterprise solutions, we are planning to realise significant cost-saving benefits by implementing multiple front-office applications on a single platform – the S1 Enterprise Platform."

Zions currently uses S1 Teller, S1 Sales and Service Platform, S1 Personal Banking, and S1 Business Banking. The institution is also implementing the new S1 Enterprise Call Centre solution not only to maximise the benefits of a multi-channel integration solution, but also to more consistently deliver customer service and improve the productivity of its call centre agents.

S1 Enterprise 3.0 Highlights
  • S1 Enterprise Teller, the industry’s first smart-client application, combines real-time connectivity with a depth of offline capabilities to overcome the risks of previous Web-based applications while reducing costs associated with deployment, maintenance and updates. Extensive transaction capabilities and robust customer interaction data available through S1 Enterprise Teller result in greater teller efficiency and better customer service.
  • S1 Enterprise Sales and Service Platform, a thin-client application, provides enhanced transaction and relationship management tools utilising a seamless, real-time view of each customer’s total relationship to maximize productivity and sales opportunities across an institution’s enterprise.
  • S1 Enterprise Call Centre, a thin-client application, integrates customer interaction data into sales, service and marketing best practices to help call centre agents increase the efficiencies of handling transactions and customer issues.
  • S1 Enterprise Voice (powered by Edify) provides a scalable natural language speech recognition solution for self-service transactions, information and call routing. The use of speech to automate banking transactions will allow for increases in customer satisfaction at a reduced cost level while improving productivity and building the opportunity for new revenue-generating opportunities.
  • S1 Enterprise Analytics enables the analysis of customer interaction, transactional and demographic customer data to help institutions more effectively segment their customers as well as plan and optimise marketing and recognition programs.

    In addition to new applications, several significant capabilities are also being delivered on the S1 Enterprise Platform including:
  • Continued enhancements to the S1 self-service banking applications enabling retail and business customers to better forecast and manage their account position.
  • Enhancements to the Electronic Bill Payment and Presentment module in S1 Personal Banking that includes delivery of bills to the customer for review, payment and filing, as well as integration of these payments with the customer's online register.
  • A comprehensive Software Development Kit that gives institutions and systems integration partners the power to easily extend the S1 Enterprise applications.
  • common set of product, service and application services, as well as a single interface into core systems that enables the cost-efficient support and maintenance of front-office applications.

    S1 Enterprise 3.0 Receives Positive Market Validation

    Since the initial release of S1 Enterprise nearly three years ago, more than 100 financial services providers are now live on one or more S1 Enterprise applications and are realising measurable benefits through implementing a multi-channel ready solution. These customers include Bank of America, one of the world’s largest financial services companies; Trustmark, a $7 billion-asset financial institution based in Mississippi, U.S.; and Umpqua Bank, a $4.6 billion-asset financial institution based in Oregon, U.S.

    According to Jim Outlaw, CIO for Trustmark, "With the S1 Enterprise, we now have one platform for all of our online banking customers, which has enabled us to provide a unified Internet banking solution to both our retail and commercial customers, decrease our costs, and significantly improve our service levels. In fact, after just four months in production, Trustmark realised a 17 percent increase in gross revenue while also significantly reducing the monthly operating cost of our online business banking system."

    The growing number of financial institutions that have committed to the S1 Enterprise illustrates the industry's movement toward fully integrated, multi-channel applications. According to Adam Hill, lead analyst in Datamonitor's Financial Services Technology group, with increasing competition for customer loyalty in the industry, "A fully integrated, multi-channel platform that enables a single, real-time view of the customer will consequently be crucial, meaning that banks must take steps to move away from the siloed environments of the past. Despite strong downward pressure on technology budgets, distribution channel spending is one of the few areas where we are continuing to see strong growth. Datamonitor believe that spending on multi-channel integration in Europe is set to reach $1.5 billion by 2005."
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