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First Internet Bank Gets Open Solutions CRM
TMCnet Contributing Editor
Open Solutions Inc., which sells integrated enabling technologies for financial service providers across the United States and Canada, has 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 F.I.B. Lorch noted an Internet-only bank has lower overhead. Indeed. It also has far more limited customer service options, and Americans generally like seeing faces when they bank, as F.I.B.’s learning.
Nevertheless, F.I.B. chose to migrate from their existing RDS system, which Open Solutions had acquired in 2004, to Open Solutions' relational core data processing platform, since “choosing Open Solutions' relational platform will enable us to offer a variety of competitive products and services to our customers,” Lorch said.
The Complete Banking Solution has Internet banking, business intelligence, financial accounting applications, electronic imaging, payment and interactive voice response products. In addition to the CBS, F.I.B. will implement “numerous complementary products from Open Solutions,” Lorch said.
With $430 million in assets, First Internet Bank of Indiana is the first state-chartered, FDIC-insured institution to operate solely via the Internet and has customers in all 50 states. Services include interest-bearing checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs, IRAs, credit cards, and check cards that can be used instead of cash or checks.
F.I.B. is a wholly owned subsidiary of First Internet Bancorp, a single-bank holding company, privately capitalized with over 300 private and corporate investors. The Bancorp became effective March 21, 2006.
David Sims is contributing editor for TMCnet. For more articles please visit David Sims’ columnist page.
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