Illustrating its growing back-office support to the nation’s 7,000 community banks, FIS™ (NYSE:FIS), the world’s largest provider of banking and payments technology, today announced an expanded relationship with Modern Woodmen Bank, a wholly owned subsidiary of Modern Woodmen of America, a fraternal financial services organization. Through the deployment of several new offerings – including FIS Virtual Back-Office™, Loan Origination Studio and Internet Direct – Modern Woodmen Bank enhances online access and flexibility to its mortgage loan customers.
To help further expand its mortgage processing, Modern Woodmen Bank required a suite of services to provide mortgage products and services to their customers. By deploying FIS Virtual Back-Office, it effectively increases efficiencies and improves customer satisfaction more cost-effectively. FIS Virtual Back-Office is a fully customizable outsourcing solution that leverages FIS’ top-tier technology assets, services and banking expertise. In addition, Modern Woodmen Bank will deploy FIS Loan Origination Studio, which provides fully automated origination, processing and closing functions for residential mortgage originations. The bank will also expand its online channels with FIS Internet Direct, an intuitive Web site that more efficiently obtains customers’ product eligibility and pricing, and then submits electronic home equity and mortgage applications securely.
“Community bankers want to retain their reputation for providing superior and personalized customer service while being more efficient in managing the technologies that enable them to deliver on that promise,” said Anthony Jabbour, executive vice president, FIS North American Financial Institutions. “Outsourcing back-office operations and technology components is gaining ground among community banks as they look for new ways to gain operational efficiencies while remaining relevant with their customers and competitive with top-tier institutions. FIS is unique in its ability to leverage its global technology assets and banking expertise to solve the challenges facing community bank.”
Modern Woodmen Bank is one of about 50 direct, or virtual, financial institutions in the U.S. meeting its disparate customers' banking needs without geographic limitations.
“As a direct bank, we need flexible solutions to deliver stronger online products and services to our customers,” said Mark Sperfslage, executive vice president, Modern Woodmen Bank. “FIS has the critical systems such as virtual mortgage processing that we require to grow and enhance our services. And as we expand, so does our relationship with FIS, because its portfolio of banking and payments technology serves as the core of the engine driving our success.”