Open Solutions announced Virginia Commonwealth Bank, has selected DNA, an enterprise-wide core relational platform, for its processing needs.
Open Solutions is a leading provider of integrated enabling technologies for financial service providers throughout the United States, Canada and other international markets.
Virginia Commonwealth Bank has been serving customers since 1936 and currently has more than 31,000 accounts, $315 million in assets and nine locations across the state of Virginia. It provides retail banking products, as well as residential, commercial and construction lending. According to the bank, Open Solutions' open architecture and modern platform will enable the bank to amplify its level of customer service, while providing a competitive advantage in today's market.
"As a small bank with big customer service goals, we are dedicated to serving the needs of our communities by offering a superior banking experience, and at the same time maintaining our conservative banking strategies," said C.F. Scott III, president and CEO of Virginia Commonwealth Bank. "After performing a year-long, detailed evaluation of various systems with multiple on-site demos, we selected Open Solutions' DNA platform primarily because of its graphic user interface and ability to support our long-term growth objectives. DNA's modern infrastructure and customer-focused organization will help the bank reduce costs and provide a wide-range of products to complement the exceptional customer service for which we are known."
Enhanced by Open Solutions' advanced open platform, DNA capitalizes on the strength of Open Solutions' unique universal data model and design, while greatly increasing workflow, flexibility and productivity. Built on a powerful, integrative Oracle® relational database, the solution provides the flexibility necessary for running a service-oriented financial institution. Available as an in-house or outsourced solution, it helps banks streamline both front- and back-office processes and creates a comprehensive view of customers, employees and business partners. Virginia Commonwealth Bank will implement DNA in an outsourced environment.
"The software's open, relational technology will reduce the amount of time our staff spends on complicated account research, and will enhance the bank's overall strategy," continued Scott. "Additionally, Open Solutions has demonstrated that it's not just selling a product; DNA is truly a solution, complete with an experienced team that ensures everything runs smoothly."
In addition to the benefits they expect to derive from DNA, Virginia Commonwealth Bank hopes to drive down costs for data processing, maximize workflow efficiencies, decrease the amount of attention bank personnel must give to day-to-day tasks and provide more focused customer service, thanks to some of the other Open Solutions products they selected, including digital documents solutions with eReports and eStatements; the Financial Accounting Suite (FAS); and Open Solutions' telephony system, Maxxar.
"Virginia Commonwealth Bank has proven that it is possible to maintain a leadership position that is both conservative and innovative," said Louis Hernandez, Jr., chairman and CEO of Open Solutions. "We are proud to work with such a distinguished institution as they continue to provide the exceptional service that their community has come to expect for more than 70 years. We look forward to a productive and lasting relationship with Virginia Commonwealth Bank well into the future."