Fiserv reports 1st Source Bank deal
20 June 2006 | 1476 views | 0
Source: Fiserv CBS Worldwide
Fiserv CBS Worldwide, a unit of Fiserv, Inc. (Nasdaq:FISV), announced that 1st Source Bank has chosen a suite of Fiserv solutions to replace its core processing system and enable the bank's custom lending process.
The suite includes CBS Desktop, CBS Communicator, CAMplus and Fiserv Aperio, Fiserv CBS Worldwide's process-centric customer information management solution.
1st Source Bank currently has $3.5 billion in assets and operates 65 banking centers in 15 counties, as well as 24 locations nationwide for the 1st Source Specialty Finance Group, making it the largest locally controlled financial institution serving northern Indiana and southwestern Michigan. Fiserv CBS Worldwide offered the bank, whose current system was reaching capacity, a scalable, proven solution that allows for 1st Source's growth. The Fiserv system also enables the bank's technology vision, which is to "use systems to simplify the customer banking experience and business unit execution."
"We reached a point where, if we wanted to continue to grow in the long term, we needed to invest for the future," said Christopher J. Murphy, III, chairman of 1st Source Corp. (Nasdaq: SRCE), based in South Bend, Ind. "As we expanded into different markets or product lines, we built systems to accommodate that specific growth. In working with Fiserv, our goal is to combine systems, simplify the work we do and do it better for the client. This should enable us to be more effective, to improve efficiencies and to allow us to become more flexible and competitive for our clients."
Offering five key lines of business that include personal banking, business banking, mortgage banking, specialty finance and asset management, 1st Source believes Fiserv can help the bank remain focused on its mission of allowing clients to achieve security, build wealth and realize their dreams.
"1st Source's vision for expansion is a great example of Fiserv's customer value proposition, which is to create solutions that allow our clients to grow exponentially," said Dave Santi, president of Fiserv CBS Worldwide USA. "Enabling 1st Source not only to grow its business, but also to concentrate its efforts on improving the customer's banking experience using our technology solutions is an opportunity that Fiserv looks forward to helping 1st Source accomplish."
Fiserv CBS Worldwide was chosen over a number of competitors to provide a variety of products that solved 1st Source's unique needs.