Source: Open Solutions
People's Federal Savings Bank announced it has selected Open Solutions' The Complete Banking Solution (TCBS), a relational core data processing platform, to address its enterprise-wide data processing needs.
Open Solutions is a leading provider of integrated enabling technologies for financial service providers across the world.
Based in Auburn, Ind., People's Federal Savings Bank has approximately $490 million in assets, 65,000 customers and 15 branches. Following an extensive evaluation period, the bank is migrating from Open Solutions' TotalPlus outsourced core data processing platform to The Complete Banking Solution, which the bank will operate in-house. John D. Haggarty II, vice president People's Federal Savings Bank, cites Open Solutions' relational database technology, advanced capabilities, system integration and conversion flexibility as the primary reasons for selecting the TCBS platform.
"We are a two-bank holding company and in May 2008, we will merge into one system," said Haggarty. "We are ultimately consolidating two systems into one application. To accomplish this and meet our future business goals and objectives, the bank realized the need for a more powerful, modern solution," added Haggarty. "We evaluated several other platforms, but none compared to Open Solutions' TCBS open architecture, relational database. Following implementation, we are looking forward to better serving our entire customer base. We will now have the ability to link customer relationships, giving every employee at the bank a more holistic view of our commercial and retail account holders. As a result, we'll be able to quickly offer competitive products and services and significantly enhance our overall marketing objectives."
The Complete Banking Solution is built on a powerful, centralized Oracle relational database designed to be an open architecture application, creating the flexibility necessary for running a service-oriented financial institution. It helps banks streamline both front and back office processes and creates a centralized view of customers, employees and business partners.
"In addition to the advanced technological capabilities, we were equally impressed with the dedication and experience of the Open Solutions' team," said Haggarty. "During Open Solutions' client conference earlier this year, it became very clear that Open Solutions not only values, but continually incorporates, the input of its clients to improve its solutions. We look forward to a long-standing partnership with Open Solutions."
In addition to The Complete Banking Solution data processing platform, People's Federal Savings Bank is implementing Open Solutions' digital document solution (electronic document management), cView (CRM/business intelligence), e-Commerce Banker (Internet banking and cash management), as well as Open Solutions' data warehouse and ATM services.
"Competition among financial institutions continues to grow more and more fierce each year," said Louis Hernandez, Jr., chairman and CEO of Open Solutions. "The analyst community has predicted an increased focus on core processing technologies in 2008. As the industry emerges from the sub-prime challenges in 2007, banks are getting back to basics by refocusing their products and services to better meet the needs of their customers. Open Solutions continues to provide financial institutions like People's Federal Savings Bank with this refocus by providing an array of technology choices designed to handle enterprise-wide data processing and complementary product solution needs. Our open architecture data processing platform is uniquely designed to help institutions gain a more complete view of their customer base, enabling them to deliver outstanding service and maintain personal relationships. Additionally, the advanced reporting capabilities are designed to give bank executives the data needed to make strategic decisions about the future and direction of their institutions."