Oak Bank Looks to Grow with New Fiserv Banking System
September 25, 2012 Alex Woodie
Oak Bank plans to grow its business thanks to a new core banking system and a range of add-ons from Fiserv. The Chicago bank chose Premiere, a powerful IBM i application that will form the foundation for a digital banking overhaul that should improve the way customers interact with the $218 million institution.
Fiserv sells core banking systems that run on a variety of platforms, including IBM i, AIX, Windows, and IBM zSeries and the Unisys Clearpath mainframes. But it’s Premiere, which was ported from the Unisys platform to i5/OS (the old name for IBM i) in 2004, that is Fiserv’s most complete, powerful, and widely used core banking platform. More than half of Fiserv’s customers choose Fiserv to run and manage their core banking systems, and Oak Bank chose this approach, too.
In addition to an outsourced implementation of Premier running in Fiserv data centers, Oak Bank chose a whole host of other Fiserv offerings, 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; and Fiserv Clearing Network for image exchange and solutions for debit card processing.
The move is expected to thrust Oak Bank into the digital age, and help grow the online presence of the company, which touts a single physical branch in the heart of Chicago’s Gold Coast neighborhood.
“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,” says the bank’s VP and CFO Rob Sullivan in a press release. “Our customers expect robust digital offerings that include fully integrated, single sign-on access to online information.”