Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI), today announced that First Indiana Bank, with assets of $2 billion, has entered into the growing ranks of financial institutions tapping into Metavante's Integrated Banking Solution, for outsourced banking technology services.
First Indiana Bank, the largest commercial bank headquartered in Indianapolis, is a subsidiary of First Indiana Corporation (NasdaqNM:FINB).
"We're very excited to have worked out this contractual relationship and to partner with an excellent company like Metavante. We believe this will afford us the opportunity to review and modify our operational procedures and the way in which our employees are able to access information to serve our customers," said Robert Warrington, president and chief executive officer, First Indiana Bank. "Metavante's platform will enable us to provide more robust products and drive revenue growth. We believe that after the conversion is completed and the process redesigns are in place, the result will be an annual improvement of over $2 million."
Metavante will drive a comprehensive suite of banking and payment technology services through a long term outsourcing agreement with First Indiana, including financial account processing, electronic banking, consulting and professional services, and customer relationship management tools.
"The unique combination of our banking technology and consulting expertise will help First Indiana leverage best practices to generate improved efficiencies and increased revenue opportunities," said Paul Danola, president and chief operating officer, Metavante Financial Services Group. "Our technology infrastructure offers First Indiana a solid foundation upon which to grow."