Fiserv (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that North Shore Bank engaged Fiserv for consulting to create new checking products that would allow it to take advantage of disruptions in its market and position the bank to attract new customers and keep existing ones.
In addition, Peabody, Mass.-based North Shore Bank signed on for Relationship Rewards, the innovative solution that provides flexible incentives to recognize and reward a customer's entire banking relationship.
"Due to merger activity in our market, we have an opportunity to attract new customers," said Jim Muse, senior retail banking and marketing officer, North Shore Bank. "Thanks to Revenue Enhancement consulting from Fiserv, customer segmentation and rigorous modeling of various product configurations, we were able to make informed decisions about recommended product designs to ensure profitability, client satisfaction and cost savings."
Given the flexibility of Relationship Rewards, North Shore Bank was able to design a new checking product with the option to design many more without purchasing additional software. Initially, North Shore plans to utilize Relationship Rewards from Fiserv to introduce cash-back checking. In the future, they will be able to easily introduce other product types to benefit and appeal to various customers simply by changing the system parameters.
"Because of the regulatory environment, banks are looking at customer-positive solutions to attract and retain customers," said Lilly Straith, vice president and managing director of community banking, Revenue Enhancement Solutions, Fiserv. "Differentiating products like Relationship Rewards will be key to creating flexible account configurations that meet the bank's customers' needs, while building customer loyalty."