Michigan-based bank, in a proactive response to the current regulatory environment, engages Fiserv for its Revenue Expansion program.
Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, announced today that Fenton, Mich.-based The State Bank has engaged Fiserv for its Revenue Expansion program to help it drive non-interest income, balance growth and enhance customer relationships.
The State Bank, with $300 million in assets, in a proactive response to the current regulatory environment, engaged Fiserv for products and expertise to help it provide differentiated value for its current and prospective customers and to replace and grow revenue. The State Bank purchased Relationship Profitability Manager for Premier(R), Customer View(TM) for Premier, Relationship Rewards for Premier, and Relationship Advance(TM). As part of its engagement with The State Bank, Fiserv also provided Revenue Enhancement consulting for the retail and commercial operations of the bank, and has created an 18-month roadmap that aligned Revenue Expansion outcomes with the bank's goals and objectives as well as the competitive market environment.
"We have been working with Fiserv on a proactive and strategic approach to attract, cross sell, and retain customers, rather than wait to see what the impact of regulations would be," said Ron Justice, President, The State Bank. "We feel strongly that the best strategy is to take the initiative to align with what is right for our customers and shareholders, and providing products and services such as those we are implementing from Fiserv do just that."
"Fiserv introduced the Revenue Expansion program last summer as a highly differentiated program with new products, services and support to meet consumer needs while addressing the impact of regulatory and economic changes," said Lilly Straith, vice president and managing director of community banking sales for Revenue Enhancement Solutions, Fiserv. "Because of this program, we were able to provide The State Bank with a comprehensive suite of products and a 'go-to' roadmap to drive non-interest income, balance growth and enhance relationship management."
Relationship Profitability Manager for Premier helps financial institutions find opportunities to improve profitability. Customer View provides management, front-line and call center staff with enhanced contact management capability, improving customer acquisition and retention campaign management. Integrated with Bank Intelligence Solutions(R) at Fiserv, Customer View makes identification and management of prospects a front-to-end process for financial institutions.
Relationship Rewards for Premier enables banks to reward customers for certain customer behaviors, relationships and activities. Financial institutions may reward customers for their product relationships, balances, electronic statement delivery, mobile banking, bill payment, direct deposit, point of sale transactions and more. The reward may include bank-fulfilled benefits in addition to point rewards.
Relationship Advance is a short term, open-end deposit-based line of credit that is linked to the DDA account that provides a lower cost alternative for the customer other than overdraft protection. Relationship Advance offers a customer-driven liquidity option in which the customers must opt-in and confirm their understanding of the short-term credit process and the cost of the transaction every time they use the service.