Fiserv CBS Worldwide, a business unit of Fiserv, (NASDAQ: FISV), a leading provider of information technology to the financial services industry, announced today that Associated Banc-Corp (NASDAQ: ASBC) is live on the Fiserv CBS core banking product suite.
Associated Banc-Corp chose Fiserv CBS, a proven technology provider to large financial institutions around the globe, on the strength of their technology and their ability to deploy a solution that will be responsive to their business needs.
"We implemented the Fiserv CBS core solution for three primary reasons; the comprehensive functionality of the system, their proven track record and the flexibility to easily customize the system," said Mark Quinlan, executive vice president and chief information officer, Associated Banc-Corp. "With the ability to make enhancements quickly, the CBS core solution will allow us to be nimble and more responsive to market changes and the needs of the business. Therefore, we are better able to control our own destiny." Added Quinlan, "As Associated continues to grow, we are confident that the CBS core solution can provide the performance and functionality necessary."
Associated Banc-Corp is the 38th largest bank holding company in the United States(1) with $22 billion in total assets and nearly 300 branches. Facing strong competition from within the industry, the bank sought a complete solution that could provide them with increased business functionality and technical flexibility allowing them to be more responsive to market demands. To meet these challenges for a large financial institution, the system is centered on the powerful CBS Worldwide SOA-enabled core. Additionally, Fiserv provided Associated Banc-Corp with document management, data warehouse, internet banking and high-end loan servicing solutions.
As one of the largest banks in the United States, Associated Banc-Corp needed a solution from a company with proven large-scale implementation experience that could meet their unique demands. "Fiserv is unique in our ability to successfully deliver a project of this magnitude," said Tony Catalfano, president of Fiserv CBS Worldwide. "Because of our depth and skill in project management, banking expertise and software development, we can leverage our best-of-breed solutions in a partnership with our client so that they enjoy the best of both worlds: a robust solution that meets the demands of a large financial institution, such as Associated Banc-Corp, and reduces risk by keeping ongoing maintenance and upgrade costs low."
Fiserv CBS is an SOA-based banking core system that supports all retail financial products and processes including savings, DDA, loans, mortgages, transfer orders, collections and document management. By enabling institutions to provide consistent customer information across multiple delivery channels, Fiserv CBS Worldwide helps clients increase revenues, improve the customer experience and streamline operations through built-in workflow tools and business processes.
1) Top 50 bank holding companies as of 6/30/08." National Information Center, a repository of financial data and institutional characteristics collected by the Federal Reserve System. ffiec.gov