Fiserv Vision, a business unit of Fiserv (NASDAQ: FISV), a leading provider of information technology services to the financial industry, announced today that Union Savings Bank, a $1.7 billion bank headquartered in Danbury, Conn., launched an enhanced online banking service leveraging Corillian Consumer Advantage and CheckFree Web RXP from Fiserv's Internet Banking and Electronic Payments Division.
Union Savings Bank, which has been a Fiserv VISION client for 12 years, recognized the value of offering a premium online banking and bill pay solution in a service bureau environment while taking advantage of Fiserv's real-time integration.
Corillian was acquired by CheckFree in early 2007. Fiserv's subsequent acquisition of CheckFree later that year changed the landscape for many Fiserv clients, among them Union Savings Bank.
"At first we thought Corillian and CheckFree were out of our league and more appropriate for a big bank with the ability to bring the system in-house. We were aware of them as industry leaders, having been ranked No. 1 by industry analysts," said Marie O'Neill, senior vice president of marketing and electronic banking, Union Savings Bank. "The decision became easier when Corillian and CheckFree became part of Fiserv. We were gaining two things; one, the industry's best online banking and bill payment platform and two, smoother integration with our Fiserv core banking solution, Cleartouch." O'Neill also noted, "We've got a more robust solution with added features. It gives us a better product to market to our customers. We can truly say this is a leading edge online banking product."
Union Savings Bank wanted to enhance its online banking service with a system that could provide industry-leading online banking and bill pay services in a more tightly integrated, hosted environment. Having Corillian Consumer Advantage's online banking best practices in a hosted environment means Union Savings Bank gains the advantages of a sophisticated solution without the overhead costs and capital investments associated with running it themselves.
According to Mike Rigney, president of Fiserv VISION, "The acquisition of CheckFree, including Corillian, allows Fiserv VISION to provide our clients with a leading online banking solution that is tightly integrated to our Cleartouch core solution, in a scalable, hosted environment. Our clients look to us to provide them with the tools they need to compete in their markets; Union Savings Bank is seeing firsthand the benefits of this acquisition."
With a fully featured online banking and bill payment service, bank customers can find the same conveniences online as those offered by larger institutions, with the advantage of personal local customer relationships offered by Union Savings Bank.
"We are seeing people leaving some of the larger banks because of what's going on in the economy. When they walk into our bank to open an account, they discover an online banking product that's very similar to what they were using. We are finding that customers are more comfortable in making the move to a community bank, not only because of the outstanding customer service we offer, but also because we have the same tools and services they would expect from a bigger bank," said Bill McNamara, senior vice president, Union Savings Bank.