Source: Open Solutions
Omni National Bank, a subsidiary of Omni Financial Services, selected Open Solutions Inc.'s (NASDAQ: OPEN) The Complete Banking Solution as its relational core data processing platform.
The fast, flexible and cost-effective application software accesses one powerful Oracle relational database and will handle all the bank's real-time operating needs.
Omni needed to upgrade its current core data processing system to better streamline data processes fueled by rapid growth. The bank also wanted a solution that would enable it to be even more responsive to its customers while providing personalized service.
"We have doubled in size over the last three years, and there is no indication we are slowing down," said Ivy Anderson, senior vice president of operations for Omni National Bank. "We wanted a system that could provide us with in-house operations and give us more flexibility and more control over customer data. The foundation of the Open Solutions system, with its open architecture and the Oracle relational database, we believe will contribute to our success in running a competitive business."
According to Anderson, Omni selected Open Solutions as a technology and service partner, in part, due to the similarities in management philosophy of the two companies. Both Omni and Open Solutions are continually striving to remain in the forefront of technology by providing superior service and solutions to their clients. Open Solutions' strategic alliances and acquisitions demonstrate the company's commitment and dedication to the community banking market.
Anderson said, "Our plans for future growth are very aggressive. Having a system that is capable of supporting additional account structures, while giving us even more timely products and services to offer our customers was paramount. Omni operates in a highly competitive market, and we differentiate ourselves with our exceptional service and varied product offerings. Open Solutions allows Omni to leverage automation and innovation to compete and win more business."
In addition to The Complete Banking Solution, Omni National will implement Open Solutions complementary Positive Pay; the Financial Accounting Systems' Financial Accounting Platform (including general ledger, accounts payable and fixed assets); reporting wizard; iPay (bill pay); e-Commerce Banker (Internet banking and cash management services); ATM; Loan Origination Systems; and Item Processing Systems.
Omni is one of the few community banks in the country with a division specifically dedicated to residential redevelopment loans for low- to moderate-income housing. The bank finances investors who purchase and redevelop these homes and is re-paid when the homes are sold. Omni is also involved in capital leases, small business loans and capital lending.
"One great benefit of The Complete Banking Solution is access to profitability data," Anderson continued. "Our previous system didn't have the ability to track certain efficiency ratios because of its limitations. Having the new system will greatly enhance our ability to get the information we need in a timely manner."
The Complete Banking Solution was designed to be an open architecture application, creating the flexibility necessary for running a service-oriented financial institution. It provides banks with a fully-featured strategic product platform that integrates core data processing with customer-centric applications such as Internet banking, business intelligence, financial accounting, credit card processing, imaging, and interactive voice response solutions.
The Open Solutions technology will also help Omni implement Check 21 procedures. "We will begin capturing data at branch locations and transmitting it electronically, which will reduce transportation expenses and eliminate the majority of human error," Anderson added.
"Omni National Bank's decision to partner with Open Solutions is a true testament to our ability to provide the best in technology and services to community financial institutions," said Open Solutions Chairman and CEO Louis Hernandez, Jr. "We are dedicated to providing our clients with focused solutions that can increase individual productivity and increase the level of service they provide their customers. Our open architecture is highly adaptable and will allow Omni National to customize the system to fit its specific needs as the institution grows. We look forward to a long partnership with Omni National Bank."