Massachusetts-based bank Salem Five has chosen financial services technology solutions provider Fiserv as its new technology partner.
The selection was made with a particular emphasis on advancing the banks' digital focus and enhancing business banking capabilities. The bank will further these strategic priorities by implementing the DNA account processing platform from Fiserv along with a range of digital banking, payments, and commercial and cash management solutions.
The commercial and cash management solutions selected by the bank are part of the expanded set of commercial banking capabilities offered by Fiserv following the recent acquisition of Online Banking Solutions.
Fiserv depository institution services group president Byron Vielehr said: "Salem Five has a sophisticated approach to technology, looking beyond the bells and whistles to consider how technology can enable the entire customer relationship.
"This is an approach that we at Fiserv share, and we are committed to helping the bank get the most out of their technology, including the commercial and cash management capabilities Fiserv is able to offer as a result of our acquisition of Online Banking Solutions."
The bank selected DNA to ensure retail and business customers have the most innovative tools to collaboratively manage their finances. The bank wanted the most modern platform available that could grow with Salem Five for the long term, and they appreciated the robust DNA roadmap.
Salem Five has a long history of supporting the financial needs of businesses throughout the Greater Boston business community, including providing financing for transformative initiatives. Serving this important market of community businesses continues to be a strategic imperative for the bank, aligning with their mission as an independent mutual bank.
Salem Five will enhance their commercial and cash management capabilities with a modern cash management platform from Fiserv, allowing them to deliver the user experience and functionality business users expect. Salem Five will also add tools to streamline account analysis and billing and facilitate treasury management tasks such as positive pay and reconciliation to meet the needs of commercial customers.
In addition to supporting the bank's overall goal of digital transformation, the addition of robust online and mobile banking capabilities, including electronic payments and image capture, will help Salem Five meet the expectations of today's more digitally focused customers, including those that are served via its nationwide direct bank business.
Recognized by industry-leading analysts for its technology, user experience and breadth of functionality, DNA from Fiserv is the first open, real-time account processing platform built for collaboration.
A modern platform developed using contemporary, standards-based components, DNA provides a 360-degree view of customer relationships and facilitates streamlined processes within the financial institution.
In a world that is moving faster than ever before, Fiserv helps clients deliver solutions that are in step with the way people live and work today – financial services at the speed of life.