Contact Center Solutions Featured Article

People's Federal Savings Bank has selected Open Solutions's "The Complete Banking Solution," a relational core data processing platform, to address its enterprise-wide data processing needs. Open Solutions sells customer relationship and other technologies for financial service providers.

 

Based in Auburn, Indiana, People's Federal Savings Bank has approximately $490 million in assets, 65,000 customers and 15 branches. The bank is migrating from Open Solutions' TotalPlus outsourced core data processing platform to The Complete Banking Solution, which the bank will operate in-house.

 

"We are a two-bank holding company and in May 2008, we will merge into one system," said John D. Haggarty II, vice president People's Federal Savings Bank, in explaining the move. "We are ultimately consolidating two systems into one application… we will now have the ability to link customer relationships, giving every employee at the bank a more holistic view of our commercial and retail account holders."

 

The CBS uses an Oracle relational database designed to be an open architecture application. People's officials say it should help the bank streamline both front and back office processes and creates a centralized view of customers, employees and business partners.

 

In addition to The Complete Banking Solution data processing platform, People's Federal Savings Bank is implementing Open Solutions' digital document product (electronic document management), cView for CRM/business intelligence and e-Commerce Banker, as well as Open Solutions' data warehouse and ATM services.

 

Louis Hernandez, Jr., chairman and CEO of Open Solutions, said the analyst community has predicted an increased focus on core processing technologies in 2008. "As the industry emerges from the sub-prime challenges in 2007, banks are getting back to basics by refocusing their products and services to better meet the needs of their customers," he said, and hopefully he's right. A return to customer service would be a welcome departure for banks, wouldn’t it?

 

About a month ago Central One Federal Credit Union picked Open Solutions' The Complete Credit Union Solution, a relational core data processing platform for credit unions, to address its enterprise-wide data processing needs.

 

In addition to The Complete Credit Union Solution data processing platform, Central One Federal Credit Union is also implementing Open Solutions' integrated products including cView, a CRM and business intelligence product, as well as interactive voice response, financial accounting suite and the credit card module.

 

Based in Shrewsbury, Massachusetts, Central One Federal Credit Union has approximately $250 million in assets, eight branches and serves more than 25,000 members.

 

"We were impressed with the underlying technology, the open architecture of the database and the .Net front end of the platform," said Tom Clancy, vice president of operations, Credit One Federal Credit Union. "The ability of the system to evolve along with the credit union's continued growth was the primary factor in our decision."

 

In October Open Solutions announced the addition of four community banks to its growing remote deposit capture client base.

 

Citing customer acquisition and retention as the primary drivers of adoption, these institutions join community banks expanding Check 21-enabled capabilities to include RDC, according to Open Solutions officials.

 

According to the 2007 edition of the Community Bank Competitiveness Survey conducted last fall by the ABA Banking Journal and the ABA's Community Bankers Council, remote deposit capture is "the top spending priority for community banks."

 

Of the survey's respondents, 58 percent have adopted or plan to adopt the technology by the end of 2008. Open Solutions continues to see an increased interest among community banks in its remote deposit capture product, ISeDeposit.