Salem Five Bank in major tech overhaul with Fiserv
Salem Five, a $4.2 billion mutual bank in Massachusetts, is embarking on a major technology overhaul with Fiserv’s core, digital banking, payments, and commercial solutions.
“The selection was made with a particular emphasis on advancing the bank’s digital focus and enhancing business banking capabilities,” according to Fiserv.
Salem Five will implement the DNA core platform and a business banking suite that stems from Fiserv’s recent acquisition of Online Banking Solutions.
New tools will include a streamlined account analysis and billing, improved treasury management (positive pay and reconciliation) as well as online and mobile banking capabilities, including e-payments and image capture.
Byron Vielehr, group president, depository institution services at Fiserv, comments the bank is “looking beyond the bells and whistles to consider how technology can enable the entire customer relationship”.
This “sophisticated approach to technology” is something that “we at Fiserv share”, he adds.