Open Solutions signs Conestoga Bank to banking technology

Source: Open Solutions

Chester Springs, Pa.-based Conestoga Bank has selected Open Solutions Inc.'s (NASDAQ: OPEN), The Complete Banking Solution to address its enterprise-wide data processing needs.

Open Solutions is a provider of integrated enabling technologies for financial services organizations across the United States and Canada. The de novo bank will open its first branch in July 2006.

"We performed an in-depth evaluation process of three vendors with strict selection criteria in mind," said Lori Adamski, SVP, Operations at Conestoga Bank. "We selected Open Solutions because we believe that they offered a flexible system that would work well in both an in-house and outsourced environment and could meet our growing banking needs. We also wanted a cost effective, user-friendly system that could support both front end and back end operations."

Built on a single, centralized Oracle relational database, The Complete Banking Solution is designed to be an open architecture application, creating the flexibility necessary for running a service-oriented financial institution. With The Complete Banking Solution, community financial institutions can select either an in-house or outsourced processing option to support its initiatives. The institution may also switch from outsourced to in-house processing, or vice versa, without the need to change systems.

"The ability to quickly and effectively train new employees to use the system is very important," said Richard A. Elko, president and CEO of Conestoga Bank. "It's one of the things we like most about The Complete Banking Solution. As we grow, the more time we can spend serving our customers and the less time we can spend training employees, the more successful we'll be."

"The system provides an abundance of customer information in a very concise manner," Adamski continued. "Open Solutions has a highly evolved method to assist in our interactions with customers and to manage information. At a glance, we can see our entire customer relationship. All the information we need is right there on one screen."

In addition to The Complete Banking Solution, Conestoga will implement Open Solutions' Remote Capture IP; the Financial Accounting Suite; e-Commerce Banker retail and cash management; document imaging; Global Vision/Patriot Officer; and real-time ATM/Debit applications.

"We are excited about Open Solutions' remote capture offering as well as their document imaging system with e-sign capabilities and providing interactive e-statements to our customers," Adamski said. "In the future, we also plan on implementing Open Solutions' cView relationship management tool as our customer base grows."

Open Solutions chairman and CEO, Louis Hernandez, Jr., said, "Our goal is to continually build and deploy technology solutions to improve customer relationship management, reporting, technology integration and operations. As Conestoga grows, we believe our technology will be able to grow with them and help meet their business goals. We believe we've built a flexible platform that can support institutions of all sizes. As a de novo, Conestoga will be able to grow into TCBS and access more features as necessary," added Hernandez.

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