Digital banking coming soon...

Digital banking coming soon…

SouthEast Bank, a $1.2 billion financial institution in the US state of Tennessee, is implementing Fiserv’s DNA core banking system and a range of auxiliary solutions from the vendor.

On the way out is the CIF20/20 platform provided by Fiserv’s competitor Jack Henry & Associates, Banking Technology understands.

Alongside the new core, the bank will modernise payment, branch banking, customer relationship management (CRM) and business intelligence (BI) with Fiserv’s tech. Systems include CardValet for alerts and notifications for debit card management; tMagic for automated teller capture; Intelligent WorkplaceSM for financial performance and financial risk management; Nautilus for enterprise content management; and several DNAapps custom core extensions to add new reports and integrations to DNA.

The bank is also using SentrySM Network Services for network design and management, and Sentry Unified Communications for its IVR system.

“Having roughly quadrupled in asset size since 2013, SouthEast Bank was looking for modern technology to streamline account opening and automate compliance and other operations to support its continued growth,” the vendor explains.

The bank estimates that with the new solutions in place, it will be able to reduce the time needed to open a new account from an average of 25 minutes to about five minutes.

Other contributing factors were the need for a modern omnichannel solution to improve customers’ digital experience and the ability to generate reports from a single database.

“SouthEast Bank’s technical infrastructure is uniquely complex for its position as a community bank, and we needed a core platform that would keep pace and complement our advanced hardware network,” says John Arnold, the bank’s executive chairman.

“Of all the major vendors we considered, Fiserv offered the most up-to-date programming and technology, and was clearly the best choice for our future. We especially liked the way DNA displays the full customer relationship when an account is accessed, as this information enables our staff to assist the customer in making financial decisions,” Arnold adds.

Mike Stone, SVP and director of operations at SouthEast Bank, comments that “DNA is so intuitive and easy to use that staff with any computer expertise at all can figure out how to accomplish what they need to do very quickly”.

Credit unions galore

Fiserv has also recently announced that six credit unions with assets of $1+ billion – all long-standing customers  – “have extended and expanded their relationships” with the vendor.

Each of the credit unions will upgrade to a newer version of the DNA core system as well as a variety of ancillary products, says the vendor, “to meet their own unique goals”.

These credit unions are:

  • Army Aviation Federal Credit Union ($1.17 billion in assets) in Alabama;
  • Centra Credit Union ($1.36 billion) in Indiana;
  • Collins Community Credit Union ($1.08 billion) in Iowa;
  • Forum Credit Union ($1.3 billion) in Indiana;
  • Franklin Mint Federal Credit Union ($1 billion) in Pennsylvania;
  • General Electric Credit Union ($2.8 billion) in Ohio.