Oak Bank Selects Fiserv for Account Processing and Digital Banking Solutions
Chicago-based bank chooses the Premier bank platform from Fiserv in outsourced environment
Bank cites integration, innovation and functionality of digital product offerings from Fiserv as key factors
Online banking, electronic bill payment, mobile banking, source capture, card services and relationship management among products and capabilities chosen
BROOKFIELD, Wis.--(BUSINESS WIRE)-- Fiserv, Inc. (NAS: FISV) , a leading global provider of financial services technology solutions, today announced that Oak Bank, a $218-million Chicago-based institution, has selected the Premier® bank platform, outsourced processing services and an array of additional Fiserv solutions to enhance the products available to its customers. The flexibility and integration of Fiserv solutions, in addition to the leading-edge digital banking solutions offered by Fiserv, were cited as key factors in Oak Bank's decision. Located in the heart of Chicago's Gold Coast neighborhood, the bank plans to use the technology to expand its footprint.
In addition to the Premier bank platform, Oak Bank chose a suite of innovative solutions from Fiserv, including CheckFree® RXP® and CheckFree® Small Business for bill payment, Mobiliti™ for mobile banking, Business Online™ and Retail Online™ for online banking, Branch Source Capture™ and Merchant Source Capture™ for check capture, Business Process Manager for new account and process management, Fiserv® Clearing Network for image exchange and solutions for debit card processing.
"We want to be able to serve our customers wherever they are - whether they're snowbirds, frequent travelers to foreign countries or residents of a new neighborhood," said Rob Sullivan, vice president and Chief Financial Officer, Oak Bank. "Our customers expect robust digital offerings that include fully integrated, single sign-on access to online information. As a constant innovator, Fiserv understands what my customers want."
Oak Bank selected several products to enhance its digital banking capabilities. Mobiliti will give the bank robust mobile banking and payments functionality across a range of devices and networks. Retail Online and Business Online will provide the bank's consumer and corporate customers with real-time account information, financial management tools and anytime, anywhere online banking. Additionally, Oak Bank's implementation of Merchant Source Capture will enable corporations and merchants to make online deposits from their offices - no matter where they are located.
Improving efficiencies was top-of-mind for Oak Bank during its selection process. The integration offered by Fiserv solutions will provide better access to information and enable the bank to concentrate on the comprehensive relationship each customer has with Oak Bank. To help improve workflows, especially those related to account opening, the bank will also implement Business Process Manager. Improving these customer-facing processes will help to positively impact the customer's experience as well as the bank's bottom line.
"With the implementation of state-of-the-art solutions from Fiserv, Oak Bank is well positioned to strengthen customer relationships through an enhanced digital channel," said Jim Cross, president, Premier Outsourcing Eastern Region, Fiserv. "Fiserv looks forward to providing the solutions Oak Bank requires to meet the needs of its customers while continuing the bank's enviable record of solid growth."
Fiserv is the U.S. market leader in account processing services for financial institutions. One in three U.S. financial institutions relies on Fiserv for account processing solutions and expertise.
About Oak Bank
Established in 1970, Oak Bank is located on the corner of Oak and Rush Streets in the heart of Chicago's Gold Coast neighborhood. The bank is committed to providing financial services from a locally owned and operated base. Visit Oak Bank online at oakbank.com.
Fiserv, Inc. (NAS: FISV) is a leading global technology provider serving the financial services industry. Fiserv is driving innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For six of the past eight years, Fiserv ranked No. 1 on the FinTech 100, an annual international listing of the top technology providers to the financial services industry. For more information, visit www.fiserv.com.
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