Fidelity Information Services, Inc. (Fidelity), a division of Fidelity National Financial, Inc. (NYSE:FNF), a Fortune 500 provider of products, services and solutions to financial institutions and the real estate industry, today announced the completion of BOK Financial's conversion to Fidelity's outsourcing solution. The conversion is a major component of the eight-year, $50 million outsourcing agreement that was signed by both companies last year.
BOK Financial recently converted its consumer and commercial loans, including syndicated loans, as well as its core deposits, bill payment, call center and Internet systems to Fidelity's solutions suite. The impact of the conversion was minimized by integrating BOK Financial's existing teller, automated teller machine and voice response applications with Fidelity's solution suite.
Additionally, BOK Financial will benefit from the leveraged resources offered by Fidelity's technology centers in Little Rock, Ark., and San Diego, Calif. The agreement also calls for Fidelity to provide a dedicated onsite support team in Tulsa, Okla.
"We looked at several solutions before selecting Fidelity, and based on our business strategy and long-term growth goals, we feel that Fidelity offers the most scalable and reliable platform. Additionally, our employees are able to access Fidelity's applications through a browser-based interface," said Mike Elvir, executive vice president and chief information officer for BOK Financial. "The conversion to Fidelity was the most complex project in our corporation's history. Given the magnitude of change that was implemented, the success of the transition fully met our expectations and we are now successfully operating in a completely new systems environment."
"We were very impressed with the flexibility and responsiveness of the Fidelity management team as they responded to the challenges of a large and complex project," said Stan Lybarger, president and chief executive officer of BOK Financial.
"Our product strategy and custom support model are closely aligned with BOK Financial's business strategy and future goals," said Roger Leitner, president of the Enterprise Banking Solutions division of Fidelity Information Services. "We look forward to a long partnership with the bank."