Fiserv trumpets Internet banking sales
24 February 2004 | 571 views | 0
Fiserv, Inc. (Nasdaq:FISV) said sales of its consumer and business Internet banking products, Premierecom and Premierecorp, continue to set the pace for the industry.
Since the release of Premierecom in 1999, 1,200 financial institutions - an average of 20 a month - have adopted it as their Internet banking solution. Sales of the business Internet banking product Premierecorp, currently licensed to 550 institutions, have averaged 25 per month since its release in 2002
"This growth is all organic, rather than the product of acquisition," said Rodney Poskochil, President of the Fiserv Bank Systems & eProducts Group. "More than half of the financial institutions most recently added to our client list have elected to migrate to our solution from someone else's product. For the balance, this was a first-time offering of Internet banking."
"Tight integration, real-time access to account information, feature functionality and security are strong selling points for these solutions," said Kim Killingsworth, General Manager of Fiserv eSolutions. "Fiserv is also the only vendor with the flexibility to offer Internet banking solutions in a choice of in-house, outsourced or ASP environments."
Killingsworth added, "Fiserv has become a significant player in the Internet banking replacement market. Financial institutions want to tie their fortunes to a stable and financially solid technology partner."
Ray Carroll, Vice President and Chief Technology Officer at the $340 million asset West Alabama Bank & Trust in Reform, Ala., agreed that the integration within Premierecom clinched his bank's decision to implement Fiserv's consumer Internet banking solution.
"It allows all delivery channels to work seamlessly together," Carroll said. "Adding new customers, making changes to the accounts of existing customers, and daily procedures are much easier and less time-consuming. We're now able to place a stronger focus on customer service."
Carroll said the solution's memo-posting capabilities and its ease of use also were significant factors in the bank's decision.
Union Bank & Trust Company, a $1.2 billion asset banking company in Lincoln, Nebraska, credits much of its success to small-business customers, said Jim Smith, Vice President of Cash Management and Operations. That's why Premierecorp is such an important offering to the bank, Smith said.
"We like the fact that we can tailor Premierecorp to offer a sophisticated and comprehensive cash management system for larger corporate customers, while, at the same time, we can offer a simple, less expensive version to smaller businesses," he said. "Premierecorp's seamless, cross-platform integration with other Fiserv applications makes implementation easier and functionality richer, giving us access to a full range of e-commerce, imaging and core banking systems. Product upgrades are also much smoother."