First Internet Bank switches to Open Solutions core processing platform
16 June 2006 | 2219 views | 0
Source: Open Solutions
Open Solutions Inc. (NASDAQ: OPEN), a provider of integrated enabling technologies for financial service providers across the United States and Canada, announced that Indianapolis-based First Internet Bank has selected The Complete Banking Solution to address its enterprise-wide data processing needs.
The $430 million Internet-based bank has approximately 40,000 accounts and serves customers throughout the U.S.
"We wanted to create a bank based solely on the Internet - one without branches that could fully serve customers' needs nationwide almost entirely online," said Nicole Lorch, vice president of Marketing and Technology at First Internet Bank. "An Internet-only bank has lower overhead, and as a result we can pass the savings on to our customers in the form of extremely competitive rates and fees.
"For strategic reasons, we chose to migrate from our existing RDS system, which Open Solutions had acquired in 2004, to Open Solutions' relational core data processing platform. Open Solutions offered us a clear migration path to this new technology, which we believe will allow us to better meet our long term goals. Choosing Open Solutions' relational platform will enable us to offer a variety of competitive products and services to our customers. In order to grow our business and best serve our customers and investors, it was important to select a platform that was open, flexible and able to support our unique needs."
The Complete Banking Solution is built on a single, centralized Oracle relational database and is designed to be an open architecture application. Open Solutions provides financial institutions with a fully-featured strategic product platform, integrating core data processing and strategic applications such as Internet banking, business intelligence, financial accounting applications, electronic imaging, payment and interactive voice response solutions. The Complete Banking Solution offers the flexibility necessary for running a service-oriented institution by offering efficiencies to streamline both front and back office processes and creates a centralized view of customers.
In addition to The Complete Banking Solution, First Internet Bank will implement numerous complementary products from Open Solutions to serve its customers. According to Lorch, "The Open Solutions suite of products will make it easier to offer more relevant, effectively priced products to business as well as retail customers. Open Solutions also works well with third party vendors, and it was important for us to select vendors offering the best products and services. We believe The Complete Banking Solution and associated products will afford us the flexibility to meet the needs of our customers today as well as in the years to come."
"We developed our open relational platform to run all types of institutions - whether they are branch- or Internet-based, large or small," said Louis Hernandez, Jr., chairman and CEO of Open Solutions. "Open Solutions designed and built its open architecture technology based on the principle that our clients must provide advanced products and services to stay competitive in the marketplace and answer customer needs. We are looking forward to helping First Internet Bank meet and exceed its business goals as well as build a strong foundation for success."